The context suggests that the primary meaning of “fall” here is “to suffer some calamity.” The wicked man wastes his efforts to overthrow the righteous. As often as he brings them into poverty and woe, God intervenes to save them, whereas the sinner is literally “overthrown by calamity” and cannot rise up again (see Ps. 34:19; Micah 7:8).
In the spiritual sense this verse has much comfort for the struggling Christian who is discouraged by his failure in his struggles against sin. “Falleth seven times” is equivalent to saying, “whenever he falls.” If we rise up in fresh hope after each failure, if we lay hold again upon the saving strength so freely offered to us (Matt. 11:28; Jude 24), then we are classed as just men, and the Lord will complete in us the work that He has begun (Phil. 1:6; Heb. 12:2). The desire to become righteous and the strength to carry out the desire both come from Him (Phil. 2:13). Hence none need ever despair, however weak he may think himself to be, as long as he is willing to be made willing to do the right (MB 204, 205).