If God’s word says that we should ‘fear God’, but also ‘fear not’, which one is correct?

Well, the answer is – both are.  ‘Fear’ is a two-fold word.

In one way it refers to an emotion marked by dread and anxious concern. We think of it as being ‘scared.’ But it can also mean awe, wonder and profound reverence.

And this first use of the word to ‘fear God’ refers to the fear that inspires trust and confidence. The Bible calls us to have this kind of fear. When we fear God, we don’t cringe before Him like a prisoner robbed of freedom by a ruthless dictator. But we recognise who He is – the Creator of the Universe – the Almighty God of Heaven and Earth – and so a reverential fear causes us to treat God with the respect and trust and love that He is fully entitled to receive from us – His people.

And now, Israel, what does the Lord your God require of you, but to fear the Lord your God, to walk in all his ways, to love him, to serve the Lord your God with all your heart and with all your soul. (Deuteronomy 10:12)

The fear of the Lord leads to life, and whoever has it rests satisfied; he will not be visited by harm. (Proverbs 19:23)

When God tells us to ‘fear not’ He is referring to that fear which brings unrest, nervousness and distress.  He is telling us, that under His protection and guidance we need not be frightened or concerned about anything - because if we are trusting in Him, He will oversee our lives and guide and protect us.

Fear not, little flock, for it is your Father's good pleasure to give you the kingdom.
(Luke 12:32)

So we can confidently say, “The Lord is my helper; I will not fear; what can man do to me?” (Hebrews 13:6)

When I saw him, I fell at his feet as though dead. But he laid his right hand on me, saying, “Fear not, I am the first and the last." (Revelation 1:17)

Lets put our trust in the One who can save us from all fear.