Bible students are well aware of the fact that two Babylons are referred to in the book of Revelation, both termed "Babylon the Great." Destruction is predicted for both because they will cause men to drink of the wine of the wrath of their fornication. (Revelation by Tim Lahaye, pg. 199)

Babylon, referred to about 300 times in the Bible, is occasionally viewed as a satanic religious program opposing the true worship of God, but primarily it is viewed as a political power with a great city bearing the name Babylon as its capital. The end times brings together these two major lines of truth about Babylon and indicate God's final judgment on it. (The Bible Knowledge Commentary, pg.970)

After the Persians took over Babylon in 539 B.C., they discouraged the continuation of the mystery religions of Babylon. Subsequently the Babylonian cultists moved to Pergamum (or Pergamos) where one of the seven churches of Asia Minor was located (cf. Rev. 2:12-17). Crowns in the shape of a fish head were worn by the chief priests of the Babylonian cult to honor the fish god. The crowns bore the words "Keeper of the Bridge," symbolic of the "bridge" between man and Satan. This handle was adopted by the Roman emperors, who used the Latin title Pontifex Maximus which means "Major Keeper of the Bridge." And the same title was later used by the bishop of Rome. The pope today is often called the pontiff, which comes from pontifex. When the teachers of the Babylonian mystery religions later moved from Pergamum to Rome, they were influential in paganizing Christianity and were the source of many so-called religious rites which have crept into ritualistic churches. Babylon then is the symbol of apostasy and blasphemous substitution of idol-worship for the worship of God in Christ. In this passage (chapters 17-18) Babylon comes to its final [religious and political] judgment. (The Bible Knowledge Commentary, pg.970)

...[T]he city of Babylon has never been destroyed according to the Old Testament predictions; thus we may only conclude that it will be rebuilt and become the commercial center of Antichrist's kingdom; then it will be destroyed at the end of the Tribulation Period. This again points to the fact that Babylon will become the center of the world. Future studies will reveal that the two Babylons begun by Nimrod in the city of Babylon, which have brought more misery and heartache on humanity than any other concepts, will be destroyed at the end time. More individuals have been ruined in the plan of God for their lives because of the two Babylons than for any other reason. These two Babylons begun by Nimrod are (1) false religion, which emphasizes idoltry, and (2) commercialization, which causes men to become materialistically oriented. These concepts that are playing such havoc in the world today will be destroyed--one in the middle of the Tribulation Period by Antichrist, the other at the end by the supernatural hand of God. (Revelation by Tim Lahaye, pg. 199)

The Bible is full of information about Babylon as the source of false religion, the record beginning with the building of the tower of Babel (Ge. 10-11). The name "Babel" suggests "confusion (Gen. 11:9). Later the name was applied to the city of Babylon which itself has a long history dating back to as early as 3,000 years before Christ. One of its famous rulers was Hammurabi (1728-1686 B.C.). After a period of decline Babylon again rose to great heights under Nebuchadnezzar about 600 years before Christ. Nebuchadnezzar's reign (605-562 B.C.) and the subsequent history of Babylon is the background of the book of Daniel. (The Bible Knowledge Commentary, pg.970)

Babylon was important not only politically but also religiously. Nimrod, who founded Babylon (Gen. 10:8-12), had a wife known as Semiramis who founded the secret religious rites of the Babylonian mysteries according to accounts outside the Bible. Semiramis had a son with an alleged miraculous conception who was given the name Tammuz and in effect was a false fulfillment of the promise of the seed of the woman given to Eve (Gen. 3:15). (The Bible Knowledge Commentary, pg.970)

Various religious practices were observed in connection with this false Babylonian religion, including recognition of the mother and child as God and of creating an order of virgins who became religious prostitutes. Tammuz, according to the tradition, was killed by a wild animal and then restored to life, a satanic anticipation and counterfeit of Christ's resurrection. Scripture condemns this false religion repeatedly (Jer. 7:18; 44:17-19, 25; Ezek. 8:14). The worship of Baal is related to the worship of Tammuz. (The Bible Knowledge Commentary, pg.970)

We may understand that this foreglimpse (Rev. 14:8) refers to religious Babylon because it will take place in the middle of the Tribulation Period. The prediction of the destruction of the literal city of Babylon is found in Revelation 16:18,19. That the city of Babylon will be rebuilt and become the commercial center of the world is seen from such passages as Isaiah 13 and 14, together with Jeremiah 50 and 51. (Revelation by Tim Lahaye, pg. 199)

[Chapter 17] ends closes with the dramatic destruction of the woman. The beast (the world ruler, the Antichrist) and the 10 horns (10 kings) will hate the prostitute and will bring her to ruin. While the exact time of this event is not given in this passage, it would seem to occur at the midpoint of the seven years when the beast will assume the role of world dictator by proclamation (Dan. 9:27; Matt. 24:15). When the ruler in the Middle East takes on a worldwide political power, he will also assume the place of God and demand that everyone worship him or else be killed (cf. Dan. 11:36- 2 Thess. 2:4; Rev. 13:8, 15). The world church movement, which characterizes the first half of the seven years leading up to the Second Coming, is thus brought to an abrupt end. It will be replaced by the final form of world religion which will be the worship of the world ruler, Satan's substitute for Christ. (The Bible Knowledge Commentary, pg.972)

The angel's message is summarized (in Revelation 18:1) Fallen! Fallen is Babylon the Great! The question has been raised as to whether or not this is another view of the same destruction mentioned in 17:16-17. A comparison of chapters 17 and 18 reveals that these are different events. The woman in chapter 17 was associated with the political power but was not the political power itself, and her destruction apparently brought no mourning from the earth. By contrast the destruction of Babylon in chapter 18 brings loud lamentation from the earth's political and economic powers. Instead of being destroyed and consumed by the 10 kings, here the destruction seems to come from an earthquake, and it is probable that this is an enlarged explanation of what was described in Rev. 16:19-21. What is pictured here [in Revelation chapter 18] is a large prosperous city, the center of political and economic life. The judgment of God makes it a home for demons and a haunt for every evil spirit, a haunt for every unclean and detestable bird. For all the nations have drunk the maddening wine of her adulteries. This false religion is like a drug that drives men to madness. While it brought riches to merchants, it is now doomed for destruction. (The Bible Knowledge Commentary, pg.973)