The Evangelical Covenant Church has its roots in historical Christianity as it emerged in the Protestant Reformation, in the biblical instruction of the Lutheran State Church of Sweden, and in the great spiritual awakenings of the 19th century. These three influences have, in large measure, shaped its development and are to be borne in mind when seeking to understand its distinctive spirit.

The Covenant Church adheres to the affirmation of the Protestant Reformation regarding the Holy Scriptures, the Old and the New Testaments, as the Word of God and the only perfect rule for faith, doctrine, and conduct. It has affirmed the historic confessions of the Christian church, particularly the Apostles' Creed, while at the same time, it has emphasized the sovereignty of the Word over creedal interpretations. It has especially cherished the pietistic restatement of the doctrine of justification by faith as basic to the dual task of evangelism and Christian nurture, the New Testament emphasis upon personal faith in Jesus Christ as Savior and Lord, the reality of a fellowship of believers that recognizes but transcends theological differences, and the belief in baptism and the Lord's Supper as divinely ordained sacraments of the church.

Because of the Covenant’s desire that its ministers serve the whole church and honor both believers' baptist and paedo-baptist traditions that have characterized its heritage, the denomination requires all of its ministers to set aside personal preferences on this issue. Ministers in the Covenant agree to perform either form of baptism in order to serve the whole church and maintain unity.

The Covenant is also distinctive among evangelical denominations in affirming the full equality of women and men in all leadership positions within the church. Strongly affirming the denomination's Annual Meeting decision in 1976 to ordain women, the administration and faculty of North Park Theological Seminary wholeheartedly support women in ministry.