What theology do Messianic Jews follow—Covenant Theology or Dispensational Theology?

Neither. Although some Messianic Jews follow one of these two theologies, many do not. Messianic Judaism has its own theology, which extracts truths from the Bible, and from both of these systems of thought.

Detailed information can be found in "Messianic Jewish Manifesto," or, in condensed form, in "Restoring the Jewishness of the Gospel."