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The text is a prayer for divine guidance and obedience to God's will. Psalm 23 and the parable of the good shepherd (John 10:18) were the inspiration for stanzas 1 and 2; the remaining stanzas contain other biblical phrases.
Psalter Hymnal Handbook
This song includes a plea and a prayer seeking God’s leading and care. Those who seek this leading can know that the Holy Spirit always aims to provide just such care for the believer. He not only renews our hearts, but also “leads us into truth, and helps us to pray, stands by us in our need, and makes our obedience fresh and vibrant” (Our World Belongs to God, paragraph 29).