“To the praise of his glorious grace, which he has freely given us in the One he loves” (Ephesians 1:6). God the Father is the topic here, so “the One He loves” is His Son, Jesus. The King James Version is a little clearer here when it says, “which he hath made us accepted in the Beloved“.
When Jesus paid the price for our sin by dying on the cross in our place, our sin was atoned for and we entered into peace with God. We, who are sinners, were made acceptable to God by Jesus Christ’s sacrificial death. No, we’re not perfect, but God covered our sins when Jesus absorbed the just penalty on the cross. That’s redemption.
You and I don’t deserve it, but thank God we receive it. You are accepted!