Philippians 2:6-11 is a poetic meditation on the pathway of Christ in vs. 6-11. (In seminary, we learned that its literary structure is chiastic - meaning it descends and then ascends.)
The journey of our Savior begins in heaven with Christ's divinity. However, the Son of God gave up the power and rights that came with His godhood, instead choosing to empty Himself (another technical term here - kenosis) and take on humanity.
He continued to humble Himself even to the point of death - even the basest form of death there is, execution by crucifixion.
It is here that the hymn takes its turn in vs. 9, now ascending with the risen Christ: He is exalted, restored to heaven, and given a name that is above every name.
Christians worship Him now who shall one day be worshiped by all!