Who rules this Earth after the millenium? According to premillenial eschatology, there will be a special period after Christ comes again in which He will reign on earth with His saints for a 1000 years. Their view is typically based on a specific interpretation of this verse:


  Revelation 20:6 (ESV)
  6&nbsp; Blessed and holy is the one who shares in the first resurrection! Over such the second death has no power, but they will be priests of God and of Christ, and they will reign with him for a thousand years.


Who do premillenialsts identify as reigning after this period? What happens after the 1000 years?
As a premillennialist, here's my view:

After the 1000 years (Revelation 20:6), Satan is loosed temporarily. He gathers those who remain on Earth who want to rebel against Christ to try one more time to defeat Him (Rev 20:7-8). Those forces are destroyed by God directly (verse 9). The devil is then permanently cast into the lake of fire to be tormented forever (verse 10). After this the universe and the Earth cease to exist (verse 11; also the end of 2 Peter 3:10). The final great white throne judgment occurs (verses 12-15).

After this, only those written in the Lamb's book of life remain (Rev 20:15). The Earth and the universe are replaced with a new one (Rev 21:1). It has one city called New Jerusalem (Rev 21:2-27). It has the river of the water of life and the tree of life having 12 varieties of fruit in it (Rev 22). God the Father and Jesus in His resurrected body and the Spirit are there (Rev 22). It will be like Eden when God walked with man face to face.

Who rules it? There is one throne, therefore one authority, called the throne (singular) of God and the Lamb. So it is a co-regency of God the Father and God the Son.

The people of God are the only ones left. They are in resurrected bodies, so they will have no tendency to sin; sin will be as repulsive as eating dirt because we will see it clearly for what it is. "Government" and "ruling" will be different because we will all be in perfect harmony doing whatever good fun things we want (where the Spirit of the Lord is, there is liberty (2 Corinthians 3:17). We will have a city to explore- if each floor is 10 feet high, there will be the square footage in it of 369,600 United States. Add to that an entire new planet, a new universe, and an infinite heaven outside the universe with forever to explore and enjoy with an infinite God.

Since all good things come ultimately from God (James 1:17) and all things in this universe have been tainted by sin (Romans 8:22), and God is infinitely complex; then we can assume that the next universe will:

Look better than anything we can see, taste better than your favorite flavor, be more exciting, feel better, be more interesting, more refreshing, more fun, than anything we have now; and never boring. 1 Corinthians 2:9-10 states that "Eye hath not seen, nor ear heard, neither have entered into the heart of man, the things which God hath prepared for them which love him. But God hath revealed them unto us by his Spirit: for the Spirit searcheth all things, yea, the deep things of God." 

It is so worth it to live for God now. :)