It has often been thought the Christus Victor understanding of the atonement is incompatible with the traditional Protestant model of penal substitutionary atonement. The former teaches that in the atonement Christ defeats death and Satan, leaving Jesus the Messiah as the triumphant champion of his people. The latter teaches that on the cross Jesus took the penalty (‘penal’) of God’s wrath on behalf of his people (‘substitution’). There’s been a long history of theologians playing these two approaches off against one another, especially over the last century. In my view, this is unfortunate because both are clearly presented in Scripture and work together in tandem. Here Russell Moore shows why:
The historic Protestant understanding of the cross as essentially propitiatory and substitutionary ironically serves as the only way to make sense of the cosmic implications of both redemption and the fall since, in both, the destiny of the created order is tied to the mandate given to the human vicegerents responsible for creation. Indeed, it is the only way to make sense of the “Christus Victor” model itself. Thus, the defeat of the powers of darkness in the crucifixion and resurrection of Jesus means that the ancient serpent is indeed defeated, but this defeat comes through reversing human slavery to sin and death (John 8:31-47; 12:31-33; 2 Tim. 2:25; Heb. 2:14-15) by hearing the punishment due to a humanity justly accused by the satanic powers (Col. 2:14-15; Rev. 12:10-12), and thereby restoring humanity as king of the cosmos in the person of the Second Adam (Rom. 5:12-21; 1 Cor. 15:21-28; Heb. 2:5-18).
-Russell Moore, The Kingdom of Christ: The New Evangelical Perspective
Sinclair Ferguson ties this all together quite well:
A comprehensively biblical exposition of the work of Christ recognizes that the atonement, which terminates on God (in propitiation) and on man (in forgiveness), also terminates on Satan (in the destruction of his sway over believers). And it does this last precisely because it does the first two.
-Sinclair Ferguson, For the Fame of God’s Name: Essays in Honor of John Piper, 185.
For more on the atonement, see,