This verse illustrates one of the justifications of Abraham’s faith in God. During the time when Abraham spoke with God, no instance of God raising someone from the dead had been recorded in Scripture. In spite of this, Abraham's faith in God's assurances was sufficient for him to believe that God was capable of resurrecting Isaac his son. In the end, God did save Isaac from death after Abraham had committed to follow through with the sacrifice.
The picture of Isaac was intended to represent the only begotten Son of God who would die on the cross as a sacrifice for the sins of the world. He would be raised on the third day. It is one of many stories or events in the Old Testament that God uses to point us to Christ, giving us a deeper understanding of His plan of redemption and encouraging us to live by faith rather than sight.
Abraham, like us, is not only called to be saved by faith, but also to live by faith. We may not be able to comprehend some of the painful circumstances we face, but in light of the testing of our faith, we must develop godly endurance as well as patience, enabling us to become more and more like Jesus, our Lord and Savior.

Dear Heavenly Father, thank You for teaching us about the true nature of Your redemption plan and for providing an example of Abraham, a man of faith who trusted You when severely tested. He serves as a role model for living life by faith. No matter what circumstances arise in this life, I pray that my faith in You will grow and mature. I will rely on my faith, rather than my own understanding or imagination, to help me cope with the harsh circumstances. 
In Jesus's name I pray. Amen.