Peter Goeman gives a concise explanation of dispensationalist beliefs:

1. The Old Testament must be interpreted within its own context.

The meaning of the Old Testament stands on its own terms, and does not require the New Testament to interpret or re-interpret it.

2. There is a distinction between Israel and the Church.

They are distinct entities, although this does not mean that there is no relationship between them.

3. There is a future for ethnic Israel.

This is taught by the Old Testament (cf. Lev 26:40–45; Deut 4:25–31; Hos 3:4–5; Zech 12–14, etc.), and affirmed by the New Testament a dispensationalist reads the New Testament as an affirmation of those promises of restoration (cf. Matt 19:28; Acts 1:6; 3:19–21; Rom 11:25–26, etc.). If divine punishment for Israel’s disobedience applies, then so do the promised blessings for repentance and obedience.

4. The promises made to ethnic Israel will have an actual, future fulfillment in the Millennial Kingdom.

God has promised that his people will return to the land (Lev 26:40–45; Deut 4:25–31, etc.), that a promised ruler will rule over Israel (Ezek 34:23–24), and that Israel would gain prominence among the nations (Isa 2:2–4).   The dispensationalist looks for a literal fulfilment of these promises within a thousand-year millennium.

Helpfully, Goeman adds (from the work of Vlach) a number of further summaries of Dispensational belief.

Essentials of Dispensationalism by Charles Ryrie (1965):

1. A distinction between Israel and the church.
2. Literal interpretation to all Scripture, including prophecy.
3. The underlying purpose of God in the word is the glory of God.

Essentials of Dispensationalism by John Feinberg (1988):

1. Belief that the Bible refers to multiple sense of terms like “Jew” and “seed of Abraham.”
2. An approach to hermeneutics that emphasizes that the Old Testament be taken on its own terms and not reinterpreted in light of the New Testament.
3. Belief that Old Testament promises will be fulfilled with national Israel.
4. Belief in a distinctive future for ethnic Israel.
5. Belief that the church is a distinctive organism.
6. A philosophy of history that emphasizes not just soteriological and spiritual issues, but social, economic, and political issues as well.

Common Features of Dispensationalism by Blaising and Bock (1993):

1. The authority of Scripture.
2. Dispensations.
3. Uniqueness of the church.
4. Practical significance of the universal church.
5. Significance of biblical prophecy.
6. Futurist premillennialism.
7. Imminent return of Christ.
8. A national future for Israel.

Essentials of Dispensationalism by Mike Vlach (2017):

1. The primary meaning of any Bible passage is found in that passage. The New Testament does not reinterpret or transcend Old Testament passages in a way that overrides or cancels the original authorial intent of the Old Testament writers.
2. Types exist but national Israel is not an inferior type that is superseded by the church.
3. Israel and the church are distinct; thus, the church cannot be identified as the new and/or true Israel.
4. Spiritual unity in salvation between Jews and Gentiles is compatible with a future functional role for Israel as a nation.
5. The nation Israel will be both saved and restored with a unique functional role in a future earthly millennial kingdom.
6. There are multiple senses of “seed of Abraham,” thus the church’s identification as “seed of Abraham” does not cancel God’s promises to the believing Jewish “seed of Abraham.”