This is a superscription that tells about the psalm. Some scholars say that this is part of the scripture and some say that it is not. (See "What are Superscriptions in Psalms" in [Introduction to Psalms](../front/intro.md).)
This phrase occurs in the passive voice to avoid implying that Yahweh is obligated to bless those who honor him. This can be stated in active form. Alternate translation: "Yahweh will bless everyone who honors him" (See: [[rc://en/ta/man/jit/figs-activepassive]])
Walking here represents behaving. The phrase "his ways" represents what Yahweh wants people to do. Alternative translation: "who behaves the way Yahweh wants people to behave" or "who does what Yahweh commands" (See: rc://en/ta/man/jit/figs-metaphor)