According to Isaiah 53:5, when Jesus was hanging on the cross, He took our transgressions and our iniquities. He brought us peace by receiving the chastisement that we were to receive, and by His wounds we are healed. So, in this passage, we see how the crucifixion was the payment for all our iniquity and sin, and even for the effects of sin on our bodies, but also how it brought peace between God and us.
As we look at Isaiah 53 and compare it with Psalm 22:16-18, Zechariah 12:10, and then read the account of what took place on the cross in John 19:31–37, we see how all of these passages refer to the piercing wounds that Jesus received: the nails through His hands and feet, the crown of thorns and the spear that pierced His side to confirm that He was dead. We also see the significance of the fact that His bones were not broken. Psalm 22 speaks of being able 'to count all of His bones', and this also connects with the Passover lamb, whose bones were not to be broken.
'Your lamb shall be without blemish, a male a year old.' (Ex.12:5) and 'They shall leave none of it until the morning, nor break any of its bones; according to all the statute for the Passover they shall keep it.' (Numbers 9:12)
Jesus became the perfect, unblemished sacrifice for us, becoming our substitute, taking our sin and punishment upon Himself so that we could truly live.
All of these prophecies were signs to reveal the death that the Messiah would suffer, opening the eyes of the Jewish people to recognise this event when it took place.