Throughout the book of Jeremiah, Babylon has been the oppressor and the punisher of God’s people. But now in Jeremiah 50, we have the punishment of the punisher. Babylon will also fall!
There are aspects of this prophecy that remain to be fulfilled (v.4-5,20). Certainly, Babylon did fall, but the city was not completely desolate (v.3,12,39-40). Most likely, this prophecy is also related to future events when God completely destroys a revived Babylonian empire that rises up against God (Rev 17).
The beauty of this prophecy is how the Lord of hosts redeems His people and gives them rest (v.34). In the same manner, God redeems all who trust in His son Jesus. He delivers from the cruelest of oppressors and the bondage of sin. He set us free when no one else could deliver or help. “[Our] Redeemer is strong!”