The New John Gill Exposition of the Entire BibleLuke 1:46
And Mary said, my soul doth magnify the Lord.
Jehovah, the Father, or the Son; who, as he was David's Lord,
according to his divine nature, though his son after the flesh, was,
in the same sense, Mary's Lord, as well as her son: and by
"magnifying" him is meant, not making him great, for he cannot be
made greater than he is; but ascribing greatness to him, even all
the perfections of the Deity, and praising him on account of them;
and also declaring and speaking well of his many and mighty works of
power, goodness, grace, and mercy, and giving him the glory of them:
this Mary did, not in lip and word only, but with her whole heart
and, soul, and with all the powers and faculties of it; being filled
with the Holy Ghost, and under a more than ordinary influence of
his, as her cousin Elisabeth was: and it is to be observed, that she
all along speaks in the prophetic style, of things, as if they were
done, which were doing, or would shortly be done.