This verse provides a clear summary intended for children who are still living under the authority of their parents. The emphasis here is obeying God. It should be noted that this is not blind or mindless cooperation (Acts 5:39). Rather, this is a form of submission based on a deep love for God. 
Children's proper and wise rearing is an important thread that runs throughout the entire Word of God. The older generation has acquired more wisdom and life experiences, which can be passed along, while the younger generation needs to be disciplined in God's way to honor their parents, obey them, and do what is right in Christ's sight. Parents have a responsibility to take care of their children, and children will honor parents who demonstrate spirit, truth, virtue, and love. 
In a world saturated in sin and ruled by the evil one, the parent-child relationship is crucial to the survival of future generations. Scripture gives a clear description of the family structure and the behavior of each member of the family. When we follow its instructions, we will live lives that honor God and provide a godly testimony to others.

Dear Heavenly Father, thank You for establishing the family unit from the very beginning. Please help me to be a good parent and to provide wise instruction to those under my care. Please let me act responsibly toward my children, and I will be honored by them as I walk in spirit, truth, virtue, and love. Please help me to be childlike in my relationships with others and to respect and honor them as unto the Lord. 
In Jesus's name I pray. Amen.