This verse is filled with the language of substitution. The Servant suffered not for His own sin, since He was sinless (Hebrews 4:15; 7:26), but as the substitute for sinners. The emphasis here is on Christ being the substitute recipient of God’s wrath on sinners (2 Corin 5:21; Galatians 1:3,4; Hebrews 10:9,10). He suffered the chastisement of God in order to procure our peace with God. The stripe that caused His death has brought salvation to those for whose sins He died. Peter confirms this in 1 Peter 2:24.
Commentary from the MacArthur study Bible, notes for Isaiah 53:5.