This verse contains a plea for a repeat of past blessings. the context indicates that there had been a time when God intervened on behalf of His people when they were in trouble. Now a similar time is upon them. They pray expectedly, based on previous experience (vs.1-7).
From verses 8ff, the Psalmist speaks with confidence that God, in His faithfulness, will do as He has done for His people who call upon Him, when they show repentance.
The word "revive" = "to live", while "again", in Hebrew, has to do with the idea of "turning back". So, here, it indicates a "turning back to life" as it once was in the past...before whatever caused the separation from God. The result of this revival is "rejoicing" = "to brighten up".
This prayer indicates a recognition of the spiritual condition and a desire to be restored to the previous fellowship. Repentance is the key to restoration. 1John 1:9 is the NT counterpart to this theme.
Restoration to renewed fellowship is possible and desirable and attainable through repentance; and there is assurance that God will act accordingly - His faithfulness in the past assures confidence.
Maybe you will want to sing "Revive Us Again" throughout the day as a reminder of our need and His faithfulness.