praise (v.)

c. 1300, "to laud, commend, flatter," from Old French preisier, variant of prisier "to praise, value," from Late Latin preciare, earlier pretiare, from Latin pretium "reward, prize, value, worth," from PIE *pret-yo-, suffixed form of *pret-, extended form of root *per- (5) "to traffic in, to sell." Replaced Old English lof, hreþ.

Specifically with God as an object from late 14c. Related: Praised; praising. Now a verb in most Germanic languages (German preis, Danish pris, etc.), but only in English is it differentiated in form from cognate price.

praise (n.)

early 14c., not common until 16c., from praise (v.).

Damn with faint praise, assent with civil leer,
And without sneering, teach the rest to sneer;
[Pope, "Epistle to Dr. Arbuthnot"]

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Definitions of praise from WordNet
praise (n.)
an expression of approval and commendation;
he always appreciated praise for his work
Synonyms: congratulations / kudos / extolment
praise (n.)
offering words of homage as an act of worship;
they sang a hymn of praise to God
praise (v.)
express approval of;
The parents praised their children for their academic performance