Taken from:http://www.theopedia.com/Preterism
Preterism is most dramatically contrasted with Futurism, the view that most prophecies regarding the End times, and passages referring to Last Days, Great Tribulation, and Judgment are still future and will immediately precede the return of Christ. Proponents of preterist views generally fall in one of two categories: Partial Preterism or Full Preterism.
Partial Preterists
Partial Preterism, the older of the two views, holds that prophecies such as the destruction of Jerusalem, the Antichrist, the Great Tribulation, and the advent of the Day of the Lord as a "judgment-coming" of Christ were fulfilled circa 70 AD when the Roman general (and future Emperor) Titus sacked Jerusalem and destroyed the Jewish Temple, putting a permanent stop to the daily animal sacrifices. It identifies "Babylon the great" (Revelation 17-18) with the ancient pagan City of Rome or Jerusalem.
Most Partial Preterists also believe the term Last Days refers not to the last days of planet Earth or the last days of humankind, but rather to the last days of the Mosaic covenant which God had exclusively with national Israel until the year AD 70. As God came in judgment upon various nations in the Old Testament, Christ also came in judgment against those in Israel who rejected him. These last days, however, are to be distinguished from the "last day," which is considered still future and entails the Second Coming of Jesus, the Resurrection of the righteous and unrighteous dead physically from the grave in like-manner to Jesus' physical resurrection, the Final judgment, and the creation of a literal (rather than covenantal) New Heavens and a New Earth, free from the curse of sin and death which was brought about by the Fall of Adam and Eve.
Thus partial preterists are in agreement and conformity with the historic ecumenical creeds of the Church and articulate the doctrine of the resurrection held by the Early church fathers. Partial preterists hold that the New Testament predicts and depicts many "comings" of Christ. They contend that the phrase Second Coming means second of a like kind in a series, for the Scriptures record other "comings" even before the judgment-coming in 70 AD. This would eliminate the 70 AD event as the "second" of any series, let alone the second of a series in which the earthly, physical ministry of Christ is the first. Partial Preterists believe that the new creation comes in redemptive progression as Christ reigns from His heavenly throne, subjugating His enemies, and will eventually culminate in the destruction of physical death, the "last enemy" (1 Cor 15:20-24). If there are any enemies remaining, the resurrection event cannot have occurred.
Nearly all Partial Preterists hold to amillennialism or postmillennialism. Many postmillennial Partial Preterists are also theonomists in their outlook.
Partial Preterism is generally considered to be an historic orthodox interpretation as it affirms all items of the ecumenical Creeds of the Church. However, Partial Preterism is not the majority view among American protestant denominations and meets with significant vocal opposition, especially by those which espouse Dispensationalism. Additionally, concerns are expressed by Dispensationalists that Partial Preterism logically leads to an acceptance of Full Preterism, a concern which is denied by Partial Preterists.
