Said Rebbi:
Anyone who involves himself in the study of Perek Shira in this world merits to learn and to teach, to safeguard, to do, and to fulfill. His learning is retained within him; he is saved from the Yetzer Hara, from harmful incidents, from the pains of the grave, from the judgment of Gehinnom, and from the birth pangs of Mashiach. He merits long life, the days of Mashiach, and life in the World to Come.

A Baraita teaches:
Said Rabbi Eliezer: Whoever recites this song in this world merits to recite it in the World to Come, as it is written, “Then Moshe will sing.” It does not say “sang,” but rather “will sing,” implying that he will sing it again in the future.

Another Baraita teaches:
Rabbi Eliezer the Great said: Whoever is involved in the study of Perek Shira every day—I testify about him that he is a member of the World to Come. He will be saved from any harmful incident, from the Yetzer Hara, from harsh judgment, from the Satan, and from all forms of destruction and spiritual harm.

Learn with all of your heart and soul:
Know My ways, be diligent at the doors of My sanctuary and My Torah, and keep My mitzvot and statutes. Guard the Torah in your heart and let My awe be before your eyes. Protect your mouth from sin and guilt, and I will be with you wherever you go. I will grant you insight and understanding in all matters. Know that everything Hashem created was created solely for His honor, as it is written:
“All that is called by My name, and that I created for My glory—I fashioned it and I made it.”

The Sages of blessed memory said:
When David, king of Yisrael, completed the book of Tehillim, he felt a sense of pride and said before Hashem, “Is there any creature You created in Your world that sings more songs and praises than I?”

At that moment, a frog appeared before him and said, “David, do not feel prideful, for I sing more songs and praises than you. Not only that, but I accompany each song I sing with three thousand parables, as it is written: ‘He spoke three thousand parables, and his song was one thousand and five.’

“Not only that, but I am involved in a great mitzvah. On the seashore there exists a creature whose sustenance comes only from water. When it becomes hungry, it takes me and eats me. This is my mitzvah, through which I fulfill the verse: ‘If your enemy is hungry, feed him bread, and if he is thirsty, give him water to drink; for you are heaping coals upon his head, and Hashem will repay you.’ Do not read ‘He will repay you,’ but rather ‘He will make peace with you.’”