to praise: to publicly celebrate someone, above all God, as worthy of acclaim
This is the dominant biblical use, and it gives us the word Hallelujah, which simply means "praise the LORD." To praise here is not a private feeling but a public act: voicing aloud how great and good someone is, so that others hear it. The Psalms turn it into a summons, calling on everyone and everything to join in.
Most often the one praised is God, celebrated for who he is and for what he has done. The word can also describe people praising a person, such as the courtiers admiring Sarai's beauty or a city's elders blessing a worthy woman, but the center of gravity is worship. A closely related form means to be praiseworthy, that is, to be the kind of person or God who deserves such acclaim.
The sense runs from a single voice giving thanks to the massed, instrument-backed praise of the temple, and finally to the whole created order being called to praise its maker.