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 verb praise is interchangeable with worship, as when a minister says, "Praise God."