According to an ancient tradition, we can distinguish between the literal and the spiritual sense of Scripture. (Cf. Catechism of the Catholic Church, 115-119)
The literal sense. This is the meaning conveyed by the words and explored through exegetical methods.
The spiritual sense is further divided into:
The allegorical sense. One Scripture text can shed light on the greater mystery of faith; e.g., the crossing of the Red Sea can be read as a sign of Christian baptism.
The moral sense. Scripture should lead to ethical behaviour. The anagogical sense. Scripture points to our ultimate destiny in God.
All these dimensions are important to our appreciation of Scripture.