Albert Barnes Commentary Luke 1:28

"And he came in unto her, and said, Hail, thou that art highly favored, the Lord [is] with thee." — Luke 1:28 (ASV)

Hail. This word of salutation is equivalent to Peace be with thee, or Joy be with thee; a form of speech implying that she was distinctly favored, and expressing joy at meeting her.

Highly favored. By being the mother of the long-expected Messiah—the mother of the Redeemer of mankind. Long had he been predicted; long had the eyes of the nation been turned to him, and long had his coming been an object of intense desire. To be counted among his ancestors was considered sufficient honor for even Abraham and David. But now the happy individual who was to be his mother was designated; and on Mary, a poor virgin of Nazareth, was to come this honor, which would have made any of the daughters of Adam infinitely illustrious—the honor of giving birth to the world's Redeemer and the Son of God.

The Lord is with thee. The word is is not in the original, and the passage may be rendered either "the Lord is with thee," or "the Lord be with thee," implying the prayer of the angel that all blessings from God might descend and rest upon her.

Blessed art thou among women. This passage is equivalent to saying, "You are the most happy of women."