Having described the nature and blessing of the righteous, being like a blessed, upright, strong tree planted by God's River of Life (1:1-3), it declares: "No so, the ungodly, not so!" (v4). He then compares the ungodly to the chaff, which the wind drives away (1:4). We describe threshing, when the chaff is separated from the wheat, and winnowing, when both wheat and chaff are thrown up into the air, and the chaff is carried away by the wind. This describes what happens at a man's judgment right after his death. The threshing, which physically separates the chaff from the wheat, corresponds to physical death, and the winnowing describes what happens after death, when the chaff is blown away by the wind to a place of judgment, to be burnt. Whereas the wheat (believer in Christ) continues to stand in God's Kingdom, the chaff (unbeliever) can't stand before God, and is blown away into His fire (Hades, then the Lake of Fire). This process of judgment will be brought to its climax and completion by Christ at the Day of Lord: “His winnowing fan is in His hand, and He will thoroughly clean out His threshing floor, and gather His wheat into the barn; but He will burn up the chaff with unquenchable fire” (Matt 3:12). The word for threshing sledge is tribulum, where we get the word Tribulation.
The chaff (thin skin around grain of wheat) is dry, empty, weak, unstable, and worthless, once separated from the wheat. God gives all men a measure of goodness in this life (common grace), but if they reject God, then at death His grace is removed and they become what they've chosen to be, an empty shell, separated from God's presence, life, goodness and glory (substance). The substance and value of our life comes from God's Presence, so those who die ungodly will immediately discover who they are in themselves, without God - worthless chaff, only good to be thrown into God's fire, for they are useless to God, for they've refused to fulfil the purpose for which they were created - to glorify God, choosing rather to be their own gods. Thus the nature and destiny of the cursed, weak, unstable chaff is opposite to the believer, who is like a tree, strong, stable, standing forever. At this time sinners and hypocrites can join in the congregation of the just, but when judgment day comes, sinners will find they can't stand before God with the just (who have right-standing with God thru Christ's righteousness), and will be separated from the just and removed - blown away to a place of fiery judgment (1:5).
The conclusion (v6) contrasts the way and destination of the righteous and the way of the ungodly: "For the Lord knows (watches over) the way of the righteous, but the way of the ungodly shall perish (end in destruction)." We must choose to which of these 2 groups we belong. It describes these 2 groups and their 2 corresponding ways of life, to help us identify to which we actually belong. The Way of the righteous is Christ Himself (John 14:6), so to walk in this Way, means walking with Christ, in fellowship with Him. The statement that the Lord KNOWS the way of the righteous, in a way that He does not know the way of the ungodly, speaks of His personal relationship and involvement with them - that He is walking with them, and watching over them in love, making sure they will reach their glorious destination together. (Saying: 'I am the way' means personally leading us to our destination). On the other hand, the ungodly choose to go their own way, apart from God (Isa 53:6), and Jesus will say to them "I never knew you" (Matt 7:23), and so their way will end in ruin. Jesus is the narrow Gate and Way that leads to life (Matt 7:13-14). We enter through the narrow Gate when we trust in Him and His death & resurrection, receiving Him as our Lord and Saviour. Then we enter into the narrow Way, of walking in fellowship with Him, trusting His leadership. If you are righteous in Christ, you are on the Way of righteousness, which means you are travelling on a very different road through life than the multitudes of ungodly people, on the broad road leading to destruction ( 1:1).
Finally, we point out there is only 1 Person who has perfectly fulfilled Psalm 1 - JESUS. This is a portrait of Christ - the Blessed Man of Psalm 1. This is why 'the blessed man' is in the singular, and the 'ungodly' is plural. Without Christ, we would all be useless chaff destined for fire. But He has made a way for us to be put into Christ and receive His righteousness. Since Psalm 1 is fulfilled in Christ, when you are put into Christ, then Psalm 1 also becomes true for you, for you are in Christ - you become a blessed man in Him (Eph 1:3), planted (in the new birth) by the River of the Spirit, with full access to His grace, enabling you to grow spiritually, become fruitful, as you meditate on His Word and develop strong faith roots to draw upon His life.