This is a 1000-year reign by Jesus on earth during which Satan is bound and unable to influence humanity and is an era of Christian prosperity and dominance (at the time of the rapture these people were unbelievers but turned to Christ during the tribulation).   It occurs after the Tribulation and before everyone is sent to either heaven or hell (Rev 20:1-6).  Premillennialism is the view that Christ's second coming (not to be confused with the rapture) will occur prior to this literal 1000-year reign of Christ.  Following the millennium, Satan will be released out of the pit, and for a short time causes some mayhem, then is finally thrown into the lake of fire from which there is no escape – ever (Rev 20:7,10).    

Another view with less Biblical proof is postmillennialism which sees Christ's second coming occurring after the millennium,

See also: end times, premillennialism, postmillennial, rapture.