The meaning of Magnificat in the Bible
(From International Standard Bible Encyclopedia)

mag-nif'-i-kat: The name given to the hymn of Mary in Luke 1:46-55, commencing "My soul doth magnify the Lord." Three old Latin manuscripts substitute the name "Elisabeth" for "Mary" in Luke 1:46, but against this is the authority of all Greek manuscripts and other Latin versions. The hymn, modeled in part on that of Hannah in I Samuel 2:1 ff., is peculiarly suitable to the circumstances of Mary, and plainly could not have been composed after the actual appearance and resurrection of Christ. Its early date is thus manifest.

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