Chapter five of Ephesians really lays out how we should live. In short, we should live according to the Spirit of God, but verses 15 through 21 really make it clear exactly what to do:

Therefore be careful how you walk, not as unwise men but as wise, making the most of your time, because the days are evil. So then do not be foolish, but understand what the will of the Lord is.
And do not get drunk with wine, for that is dissipation, but be filled with the Spirit, speaking to one another in psalms and hymns and spiritual songs, singing and making melody with your heart to the Lord; always giving thanks for all things in the name of our Lord Jesus Christ to God, even the Father; and be subject to one another in the fear of Christ.
Eph. 5.15-21 (NAS)

It starts out with a warning to “be careful how you walk” (v. 15). We should walk as wise men. This is not literally walking, it is how we live. We should live as wise men and wisdom comes from God. Not only that, but as the world is evil, we should “make the most of our days” (v. 16) so that we are taking advantage of every moment, to use it for God, otherwise its use is for evil; “the days are evil.” This statement is summed up with how we are to fill our days and that is by “understand[ing] what the will of the Lord it” (v. 17) that we should know through prayer and dedication to scripture what the Lord has planned for us to do.

“And do not get drunk with wine” (v. 18a) is not just a command against drunkenness. The context tells us that we are supposed to live every moment for God. To become drunk is to remove inhibition and discernment. So, anything we do, including excessive consumption of alcohol, which can leave us vulnerable to any sort of sin, is “dissipation;” that is profligacy or a recklessly wasting of your time which God has given you for His purpose.

Instead of this, we are to do one thing! “…be filled with the Spirit” (v. 18b). Sing out praises of the Lord to one another (v. 19) and “give thanks [to Christ] for all things” (v. 20). And lastly we are to serve one another “in the fear of Christ” (v. 21). We are to do these things that are the will of God, not because of whimsical faith, but out of a true fear and reverence for the Lord.

This passage has a massive amount of application as it speaks to the purpose of everything we do. Are we living life blindly or actively seeking the will of God?

On a theological level, we get a glimpse of why God requires this of us. It is not so much that he needs our praise, but that in his infinite power and might, we will stand condemned if we do not choose to follow his son. We are not to come before him with mere belief, rather we should come in faith, in fear and trembling, before the Almighty, but infinitely loving God.

Rules for Practical Christian Living~Ephesians Ch. 5