The prevalent occurrence of natural or purposefully dug pits in biblical times gave rise to their use metaphorically as standing for the place of death or damnation (often capitalized in translation as “the Pit”). Thus we have the following Scripture references:
Job 33 contains no less than five mentions of the Pit (vv. 18, 22, 24, 28, 30) which act as a sort of recurring chorus in this extended poem. In three of these cases (vv. 22, 28, 30) it is seen to be listed in poetic parallelism to death itself. And in one case (v. 18) it parallels the expression “crossing the River.” As Seow notes, “In Mesopotamian mythology the dead cross the river Hubur; in Greek myths, the Styx.” In addition, there is Job 17:13-16 in which the terms Pit and Sheol are seen to be synonymous to one another.
Five places in the Psalms (vv. 28:1; 30:3; 40:2; 88:4,6; and 143:7), the Psalmist cries that he is on the brink of death, called the Pit. As Kselman explains, The Pit in these poetic references is another designation for Sheol, the Hebrew place of the dead where all hope and communication with God is cut off and souls live a sort of shadowy existence.
We find two references to the Pit in the Book of Proverbs, one toward the start of the book and one toward the end. The first occurrence is clearly to the place of death:
“Like Sheol
let us swallow them alive and whole
like those who go down to
the Pit.” (Proverbs 1:12)
And in Proverbs 28:18 we read: “And one who walks in integrity will be safe, but whoever follows crooked ways will fall into the Pit” (NRSV) This verse is a little more ambiguous since it is doubtful that the author really felt that it was possible to escape the snare of death entirely. We also have the evidence of the Hebrew and Syriac manuscripts which both read “will fall all at once.” in place of “will fall into the Pit.”
Isaiah contains a number of references to pits, mostly of a metaphorical nature. Thus, in Is. 14:15, 19 we have what is known as a taunt song describing the fall of an unnamed king of Babylon. Blenkinsopp's opinion, which one can choose to accept or reject, is that this poem “draws on a Canaanite myth of the gods Helel and Shahar (Morning Star and Dawn), who fall from heaven as a result of rebellion. In Christianity the myth reemerges as the fall of Lucifer and his attendant angels (cf. Lk 10.18).”
Then in Is. 24:17-18, 22 we read an apocalyptic passage in which the people of the earth tremble as God's judgment begins on them. At this time, both the kings of the earth and the angels will find themselves subject to ultimate punishment. The Pit in this case is compared to a snare and a prison.
But in contrast, in Isaiah 38:17-19 the prophet describes his own situation in which his sins have been cast behind God's back and he is restored to full life of praise to Him. Similarly, Is. 51:14 promises that the oppressed will be released from the threat of death and the Pit.
Moving on to the book of Ezekiel, we come across vv. 19:4,8, a highly poetic description of two lion cubs representing Jehoahaz who was taken captive to Egypt and Zedekiah who was exiled to Babylon. There is an interesting literary parallelism found between verses 4 and 8b-9:
“he was caught in their pit;
and they brought him with hooks to the land of Egypt” (v. 4)
“he was caught in their pit.
With hooks they brought him to the king of Babylon.” (vv. 8-9)
In another taunt song reminiscent of Isaiah 14, Ezekiel in chapter 28 prophesizes against the Prince of Tyre, saying “They shall thrust you down to the Pit, and you shall die a violent death in the heart of the seas.” Similarly, Tyre herself receives her judgment notice in chapter 26:19-21 where the Pit is equated to the land of the dead.
In Ezekiel 31 we read more of the same as Egypt's fate in predicted. Verses 14-17 demonstrate the identity of Sheol as the Pit. And in the following chapter the two concepts are further equated. The total alternations between these words are summarized as follows:
Chapter 31: Pit (v. 14); Sheol (v. 15); Sheol (v. 16a); Pit (v. 16b); Sheol (17)
Chapter 32: Pit (v. 18); Sheol (v. 21); Pit (v. 23); Pit (v. 24); Pit (v. 25); Sheol (v. 27); Pit (v. 29); Pit (v. 30)
Most significantly, the Pit (generally capitalized) does not show up again until the Book of Revelation, Chapter 9. The first eleven verses of that chapter are presented in an orderly manner as follows:
1. A fallen star is given the key to the bottomless pit (abyss) (vv. 1-2)
2. Locusts like scorpions appear (vv. 3a)
3. They are given authority to torture people for five months (vv. 3b-5)
4. Reaction of the people (v. 6)
2'. Appearance of the locust-scorpions (vv. 7-10a)
3'. Their power to torture people for five months (v. 10b)
1'. The king over the bottomless pit (v. 11)
As far as the five-month period is concerned, Ruiz explains that “although this may be a reference to the life cycle of locusts, which are hatched in spring and live until the end of summer, the likely significance of this time period is symbolic, indicating the limited time span of this plague.”
As a sort of contrast to the events of Revelation 9, we have another appearance of the Pit in Chapter 11. This time it is two prophets who are given authority by God. After giving their witness, the Beast in the Pit is allowed to make war on them and kill them. However, God raises up their dead bodies, striking fear in the hearts of the people, much as the people reacted earlier in Rev. 9:6.
Lastly, the bottomless pit appears in Revelation 20 as the angel of the pit seizes the personified forces of evil and imprisons them for 1,000 years while peace reigns on earth. But they are released temporarily and allowed to wage spiritual warfare against the people. However, that is only allowed for a short period of time, after which Satan and his cohorts are cast into the lake of fire as their final punishment.
I will not attempt to wade through all the literature of the Pre-, Mid-, and Post-millennialists as well as Dispensationalists to try and pin down exactly what will happen in those last days of earth. You should feel free to consult your favorite resource for that answer as long as you keep in mind that many sincere and educated believers may totally disagree with whatever scenario you have been taught.