The hymn remains in regular use in the Catholic Church in the Office of Readings found in the Liturgy of the Hours, and in thanksgiving to God for a special blessing such as the election of a pope, the consecration of a bishop, the canonization of a saint, a religious profession, the publication of a treaty of peace, a royal coronation, etc It is also traditional that it is sung on the last day of the year, in thanksgiving to God for the favors received in the course of the entire year.
From Pope Benedict XVI's homily for first vespers of the Solemnity of Mary the Mother of God from Rome this evening:
"The “Te Deum” that we raise to the Lord this evening, at the end of a calendar year, is a hymn of thanksgiving that opens with the praise - "We praise you, O God, we proclaim you to be the Lord" - and ends with a profession of faith - "You are our hope, we will not be confounded forever." For all that came to pass over the course of the year, whether easy or difficult, barren or fruitful, we give thanks to God. The Te Deum, in fact, contains a profound wisdom, the wisdom that makes us say that, despite everything, there is good in the world, and this good is destined to triumph, thanks God, the God of Jesus Christ, who became incarnate, died, and rose again. Certainly, it is difficult, sometimes, to accept this profound reality, since evil makes more noise than the good: a brutal murder, the spread of violence, serious injustices make the news. Gestures of love and service, on the contrary, daily struggles endured with patience and fidelity are often left in the shadows. And this is why we cannot rely solely on the news if we want to understand the world and life. We must be able to remain in silence, in meditation, in calm and prolonged reflection; we must know how to stop and think. In this way, our mind can find healing from the inevitable wounds of daily life, can go deeper into the events that occur in our lives and in the world, and come to the knowledge that allows us to evaluate things with new eyes. Especially in the recollection of conscience, where God speaks to us, we learn to look truthfully at our own actions, even at the evil within us and around us, to begin a journey of conversion that makes us wiser and better, more capable of creating solidarity and communion, of overcoming evil with good. The Christian is a man of hope, even and especially in the face of the darkness that often exists in the world, not as a consequence of God’s plans, but because of the wrong choices of man, because the Christian knows that the power of faith can move mountains ( cf. Mt 17:20): the Lord can brighten even the deepest darkness."
Read the full homily here
WE praise thee, O God: we acknowledge thee to be the Lord.
All the earth doth worship thee: the Father everlasting.
To thee all Angels cry aloud: the Heavens, and all the Powers therein.
To thee Cherubin and Seraphin: continually do cry,
Holy, Holy, Holy: Lord God of Sabaoth;
Heaven and earth are full of the Majesty: of thy glory.
The glorious company of the Apostles: praise thee.
The goodly fellowship of the Prophets: praise thee.
The noble army of Martyrs: praise thee.
The holy Church throughout all the world: doth acknowledge thee;
The Father: of an infinite Majesty;
Thine honourable, true: and only Son;
Also the Holy Ghost: the Comforter.
Thou art the King of Glory: O Christ.
Thou art the everlasting Son: of the Father.
When thou tookest upon thee to deliver man: thou didst not abhor the Virgin's womb.
When thou hadst overcome the sharpness of death: thou didst open the Kingdom of Heaven to all believers.
Thou sittest at the right hand of God: in the glory of the Father.
We believe that thou shalt come: to be our Judge.
We therefore pray thee, help thy servants: whom thou hast redeemed with thy precious blood.
Make them to be numbered with thy Saints: in glory everlasting.
O Lord, save thy people: and bless thine heritage.
Govern them: and lift them up for ever.
Day by day: we magnify thee;
And we worship thy Name: ever world without end.
Vouchsafe, O Lord: to keep us this day without sin.
O Lord, have mercy upon us: have mercy upon us.
O Lord, let thy mercy lighten upon us: as our trust is in thee.
O Lord, in thee have I trusted: let me never be confounded.
And a simplier Te Deum from Taize: