Psalm 23 is one of the most misunderstood chapters and also one of the most quoted by believers. We misunderstand it as a passage of blessings only. While that is also true, it is more of a fashioning and transformation process that leads to the blessing.
"The Lord is my Shepherd" is acknowledging and resting on the revelation that God is the only One who can take care of and control our lives, and that you "shall not want" another. This is the salvation experience.
When you get saved, He then leads you into transformation by making you lie down in green pastures (the Word of God) and beside still waters (interaction with the Holy Spirit through prayer). This is the only thing that can "restore your soul" because our souls have been bastardized by sin and circumstances. With a soul that is not renewed, we cannot live a holy life. We will always be working under the influence of the spirit of disobedience.
As we stay in the Word and prayer, "He then leads us in the paths of righteousness for His name's sake." This is because we have identified the voice of God and now obey His commands as we get closer to Him more and more.
When you are walking in righteousness, you shall fear no evil, for the righteous are fearless and as bold as a lion. The blood is on you and in you! The Spirit of power, love, and a sound mind is active. Righteousness births blessings.
Anyone who walks in righteousness is a son. Therefore, He will direct and correct you like an earthly father. When you make mistakes, He will tap your back with the rod to steer you in the right direction. For God disciplines those He loves.
God will prepare a table for you in the presence of your enemies and anoint your head with oil because you have loved righteousness and hated sin. These blessings will keep compounding and overflowing.
Goodness in every sense, and the sure mercies of David, will follow you, and you will always be in the house of God forever because you have tasted and seen that the Lord is good!