पारीक्षितं भागवताभिरामम् ॥ १७ ॥
tat — therefore; naḥ — unto us; param — supreme; puṇyam — purifying; asaṁvṛta-artham — as it is; ākhyānam — narration; ati — very; adbhuta — wonderful; yoga-niṣṭham — compact in bhakti-yoga; ākhyāhi — describe; ananta — the Unlimited; ācarita — activities; upapannam — full of; pārīkṣitam — spoken to Mahārāja Parīkṣit; bhāgavata — of the pure devotees; abhirāmam — particularly very dear.
Thus please narrate to us the narrations of the Unlimited, for they are purifying and supreme. They were spoken to Mahārāja Parīkṣit, and they are very dear to the pure devotees, being full of bhakti-yoga.
What was spoken to Mahārāja Parīkṣit and what is very dear to the pure devotees is Śrīmad-Bhāgavatam. Śrīmad-Bhāgavatam is mainly full of the narrations of the activities of the Supreme Unlimited, and therefore it is the science of bhakti-yoga, or the devotional service of the Lord. Thus it is para, or supreme, because although it is enriched with all knowledge and religion, it is specifically enriched with the devotional service of the Lord.