Matthew Henry Commentary Leviticus 3:1-5

"And if his oblation be a sacrifice of peace-offerings; if he offer of the herd, whether male or female, he shall offer it without blemish before Jehovah. And he shall lay his hand upon the head of his oblation, and kill it at the door of the tent of meeting: and Aaron`s sons the priests shall sprinkle the blood upon the altar round about. And he shall offer of the sacrifice of peace-offerings an offering made by fire unto Jehovah; the fat that covereth the inwards, and all the fat that is upon the inwards, and the two kidneys, and the fat that is on them, which is by the loins, and the caul upon the liver, with the kidneys, shall he take away. And Aaron`s sons shall burn it on the altar upon the burnt-offering, which is upon the wood that is on the fire: it is an offering made by fire, of a sweet savor unto Jehovah." — Leviticus 3:1-5 (ASV)

The peace-offerings acknowledged God as the giver of all good things. These were divided between the altar, the priest, and the owner. They were called peace-offerings because in them God and his people, as it were, feasted together as a sign of friendship.

The peace-offerings were offered as a form of supplication. If a person were seeking any mercy, they would add a peace-offering to their prayer for it. Christ is our Peace, our Peace-offering; for it is through him alone that we can obtain an answer of peace to our prayers.

Or, the peace-offering was offered as a form of thanksgiving for some mercy received. We must continually offer to God the sacrifice of praise, by Christ our Peace; and then this will please the Lord better than an ox or bullock.