Eph 1:3 - Blessed be the God and Father of our Lord Jesus Christ, who has blessed us with every spiritual blessing in the heavenly places in Christ.
Paul begins with thanksgivings and praise, and enlarges with a great deal of confidence and abundance of affection upon the exceedingly great and precious benefits which we enjoy by Jesus Christ.
Living day by day by grace is essentially about developing an intimate relationship with the Lord. "But now in Christ Jesus you who once were far off have been brought near by the blood of Christ." "You also have become dead to the law through the body of Christ, that you may be married to another, even to Him who was raised from the dead" (Rom 7:4). Through this profound uniting with Christ, astounding spiritual riches are now ours.
The blessings we are blessed with are spiritual, so called to distinguish them from temporal blessings. The Jews have the like distinction of, "temporal blessings", and "spiritual blessings"; which latter are solid, substantial, and lasting blessings; and which concern the good of the soul or spirit of man; and are agreeable to, and desired by a spiritual man; and are applied by the Holy Spirit of God.
This is why Paul offered grateful praise to the Lord: "Blessed be the God and Father of our Lord Jesus Christ." Paul's thanksgiving was for what the Father has given to us: "who has blessed us." Notice, the verb is in the past tense — this has already happened. What is it that has already been given to us? It is "every spiritual blessing in the heavenly places." This truth is staggering in its implications. Every grace resource that heaven has to offer is already ours here on earth. This does not mean that we are fully aware of all that has been given to us. Certainly, it does not mean that we are experiencing all of these blessings. Yet, it does mean that they are all ours to draw upon for fullness of life here on earth!
God is the author and giver of all blessings; and he blesses his people with them, as He is the God and Father of Christ, and as he is their covenant God and Father in Christ; and he only can bless; if he blesses not, none can; and if he blesses, they are blessed indeed.
The reason these rich blessings are ours is that they all reside in Christ. In Christ there is forgiveness, righteousness, and wisdom. Also, love, joy, and peace are found in Him. In Christ dwell victory, discernment, and courage. Moreover, compassion, strength, and perseverance are part of who He is. All this and far more are found in Christ. "For it pleased the Father that in Him [in Christ] all the fullness should dwell" (Col 1:19). Now, we dwell in the place ("in Christ") where all of this richness resides: "who has blessed us with every spiritual blessing in the heavenly places in Christ. " All these spiritual resources of the kingdom of heaven are now ours "in Christ." "And of His fullness we have all received, and grace for [upon] grace" (John 1:16).
References: John Gill's Exposition of the Entire Bible
Matthew Henry’s Commentary on the Whole Bible