These words are found in Mt. 6:9.  The word “hallow” means to regard as holy while “hallowed” means honored as holy.  We know that God is holy. In 1 Pet. 2:15-16 Peter writes, “but as He who called you is holy, you also be holy in all your conduct,  because it is written, “Be holy, for I am holy.” “Hallowed be thy name” shows us the deep reverence we are to show to his holy name.  We must approach Him in prayer in the most humble, reverent and solemn manner we possibly can.  His name should never be used in any way that would not show reverence and deep respect.  On this phrase J.W. McGarvey writes that it “means first made holy; second treated as holy.  The petition calls for that reverence which is due to the name of God” (J.W. McGarvey, A Commentary on Matthew and Mark, Gospel Light Publishing Co).” About this phrase H. Leo Boles writes. “…his name is to be treated as holy; it is to be spoken reverently and due respect is to be given unto God as a Father” (A Commentary on the Gospel According to Matthew, Gospel Advocate Company, 1936).  May it be our desire to treat the  name of God with the deepest respect.

http://mbriley.preachersfiles.com/2007/03/12/reverencing-gods-name/

Leon