The lampstand represents God's divine presence. Its first appearance in the Tabernacle, crafted from pure gold, symbolized purity, and its continual light signified God's ongoing guidance and revelation.
The olive trees represent God's anointed people. In Jeremiah 11:16, Israel is likened to an olive tree: "The Lord called you a thriving olive tree with fruit beautiful in form." Olive oil played a central role in Israel's daily life and was used to consecrate priests and kings - an image pointing to the Holy Spirit's empowerment and sanctification.
In Zechariah 4, the two olive trees represent Zerubbabel, the Davidic leader, and Joshua, the high priest. Together they were entrusted with restoring Israel's spiritual life, and they were empowered by the Spirit - represented by the golden lampstand. Thus the Lord declares in Zechariah 4:6:
This is the word of the Lord to Zerubbabel: ‘Not by might nor by power, but by my Spirit,’ says the Lord Almighty.
In Revelation 11, the two witnesses are understood to be Moses and Elijah - one who turns water into blood and brings plagues upon the earth, and the other who clothed in sackcloth, can shut up the heavens so that it does not rain. They are called the two olive trees, testifying to the truth of the Lord. Their testimony shines through their lampstands, corresponding to their Spirit-empowered witness.
In Revelation, the seven churches each have their own lampstand. The lampstand, therefore, represents the divine presence - whether among congregations or within individuals believers. Though believers are many, they are united in one Spirit.