Although this psalm is only quoted once in the New Testament (Psalm 116:10 is cited in 2 Corinthians 4:13), there are several thoughts in this psalm that can be connected with the New Testament.
Psalm 116 shows how the New Testament has a hidden presence in the Old Testament and how the Old Testament lights up (through Jesus Christ) in the New Testament.
The psalm has as a theme: God is thanked for his salvation.
1 I love the LORD, because he has heard my voice and my pleas for mercy.