Words of praise from your favorite dance instructor feel like the best possible reward after your hours of practice. Praise means "admiration or approval", and when you're on the receiving end of it, you feel great.
Whether it's used as a verb or a noun, praise means "approval". If you enthusiastically praise your dog, he's likely to wag his tail and expect a treat. What you've given him (in addition to the treat) is praise, the noun. In a religious context, the word praise is interchangeable with worship, as when a minister says, "Praise God."