Psalm 65 was written by King David, the situation for which he wrote it is unknown, but due to the thanksgiving he makes with respect to cattle and grain, there is the possibility that it was written for the festival of Harvest.
The psalmist begins this Psalm highlighting that praise belongs only to God:
Praise waiteth for thee, O God, in Sion: and unto thee shall the vow be performed.
Knowing or recognizing that praise belongs only to God is something that every Christian should recognize in his life. This statement exalts God as the only true God, therefore, the only one deserving of our praise, and that praise must be the best.