Reformed Baptists affirm penal substitution as the theological model of the atonement, as taught in the 1689 London Baptist Confession, Chapter 8. Christ was offered as a sacrifice for sin, bearing the penalty of sin — death and the wrath of God — in place of the elect. The atonement is not a mere example, moral influence, or ransom paid to Satan, but a real satisfaction rendered to divine justice. Christ's death is a substitutionary payment in which he, the innocent God-man, suffered what the guilty deserved.

The atonement is definitely efficacious for those for whom it was accomplished — the doctrine of limited or particular atonement. Christ did not die for every human universally, though the benefits are offered universally in the gospel. Rather, Christ's death effectively redeemed a particular people chosen in election, accomplishing redemption for all the elect. This particularism does not diminish the universality of the gospel offer but affirms that Christ's death necessarily secures the salvation of all for whom it was made.

Christ's substitutionary death satisfies divine justice, removes divine wrath from the elect, and breaks the power of sin and death. The value of Christ's sacrifice is infinite because he is the God-man; one drop of his blood is more precious than all creation. His resurrection validates the sufficiency of his sacrifice and guarantees the resurrection of all believers united to him by faith.