According to Bruce R. McConkie, Abraham first received the gospel by baptism (which is the covenant of salvation): then he had conferred upon him the higher priesthood, and he entered into celestial marriage (which is the covenant of exaltation), gaining assurance thereby that he would have eternal increase; finally he received a promise that all of these blessings would be offered to all of his mortal posterity. (Abraham 2:6-11; D&C 132:29-50) Included in the divine promises to Abraham was the assurance that Christ would come through his lineage, and the assurance that Abraham’s posterity would receive certain choice, promised lands as an eternal inheritance. (Abraham 2; Genesis 17;l 22:15-18; Galatians 3) All of these promises lumped together are called the Abrahamic covenant
This covenant was renewed with Isaac (Genesis 24:60; 26:1-4, 24) and again with Jacob. (Genesis 28; 35:9-13; 48:3-4) Those portions of it which pertain to personal exaltation and eternal increase are renewed with each member of the house of Israel who enters the order of celestial marriage; through that order the participating parties become inheritors of all the blessings of Abraham, Isaac, and Jacob. (D&C 132; Romans 9:4; Galatians 3; 4) [Bruce R. McConkie, “Abrahamic Covenant,” in Mormon Doctrine, p. 13] [See the commentary on 1 Nephi 22:9; Helaman 8:18; 3 Nephi 20:25, 20:27, 25:4-5; Mormon 5:20; Ether 13:11]