For a long time the church has been divided on the issue of Dispensationalism. The Covenant churches teach their are two equal covenants, one for the church and one for Israel. The Dispensationalist churches teach one covenant of grace for the church and Israel, but different Dispensations or ages. We are now in the church age and not in the Dispensation of the Mosaic Law.

Lets look at what the early church taught on this subject. 

• Mathetes 130 AD
• Epistle to Diognetus 3,4 - Christians do not offer sacrifices, nor abstain from meets, nor observe the Sabbath or new moon festivals, nor become circumcised like the Jews do. 
• Epistle to Diognetus 5 - Christians follow the customs of their native lands in regard to marriage, food, clothing, and conduct. They marry and have children but they never have abortions. They obey all the laws of their country.
• Epistle to Diognetus 11 - He (Mathetes) was taught directly by the apostles. Jesus is uncreated (from everlasting)
   
• Justin Martyr 165 AD
• Dialogue 11 - Christ did away with the entire law of Moses, and circumcision.
• Dialogue 19 to 23 - Circumcision, food laws, and Sabbaths were for a teaching. Circumcision began with Abraham and the Sabbath and the rest began with Moses.
• Dialogue 43 - Circumcision began with Abraham. The Sabbath, sacrifices, offerings, and feasts began with Moses.
• First Apology 67 - Christians meet together on Sunday.
• Dialogue 10 - Christians live like all other gentiles, not observing the festivals, Sabbaths, new moon, or the rite of circumcision.
• Dialogue 51,52 - Jewish Prophets ceased after John.
   
• Ignatius - 30 to 107 AD
• Trallians 9 - Christians do not observe the Sabbath but the Lord's day
   
• Irenaeus 177 AD
• Against Heresies 1.10 - What the church believes:  One God, the Father Almighty, Maker of all things; and in one Christ Jesus, the Son of God, who became incarnate for our salvation; and in the Holy Spirit, who proclaimed through the prophets the dispensations of God, and the advents, and the birth from a virgin, and the passion, and the resurrection from the dead, and the ascension into heaven in the flesh of the beloved Christ Jesus, our Lord, and His future manifestation from heaven. The raising up anew all flesh of the whole human race. The angels who transgressed and became apostates, together with the ungodly, and unrighteous, and wicked, and profane among men, will be cast into everlasting fire. Those who have kept His commandments, and have persevered in His love, some from the beginning of their Christian course, and others from the date of their repentance, with everlasting glory. 
• Against Heresies 3.11 - Montanists set at nought the gift of the Spirit, which in the latter times has been, by the good pleasure of the Father, poured out upon the human race, do not admit that aspect of the evangelical dispensation presented by John's Gospel, in which the Lord promised that He would send the Paraclete (John 16); but set aside at once both the Gospel and the prophetic Spirit. Wretched men indeed! who wish to be pseudo-prophets, forsooth, but who set aside the gift of prophecy from the Church; acting like the Encratitae who, on account of such as come in hypocrisy, hold themselves aloof from the communion of the brethren. We must conclude, moreover, that the Montanists can not admit the Apostle Paul either. For, in his Epistle to the Corinthians, he speaks expressly of prophetical gifts, and recognizes men and women prophesying in the Church. Sinning, therefore, in all these particulars, against the Spirit of God.
• Against Heresies 3.15 - Jesus and the Father are the only true God. Jesus gave Moses the dispensation of the Law.
• Note: He talks a lot about dispensations (of the Law, of Christ, of the church, of the day of the Lord ...)
• Against Heresies 4.4 - The Law started with Moses and ended with John. 
• Against Heresies 4.16 - Men were never released from the Decalogue. We however do not observe the Sabbath, or circumcision.
• Against Heresies 4.34 - Jesus fulfilled the Law and prophets, then did away with it, and gave a new covenant.
• Against Heresies 5.8 - In the dispensation of Law the clean animals represented spiritual man and the unclean animals represented the carnal man.
• Against Heresies 5.17 - "He has destroyed the handwriting" of our debt, and "fastened it to the cross;"
• Against Heresies 5.32 - Some of the orthodox are ignorant of God's dispensations.
   
• Tertullian 210 AD
• Marcion 4.12 - Jesus annulled the Sabbath.
• Marcion 5.2 - Galatians proves the Mosaic Law is fully abolished.
• Marcion 5.11 - 1 Corinthians, the veil of Moses refers to the complete doing away with the old dispensation. Christ being messiah and abrogation of Moses Law. 
• Jews 1.3 - Circumcision was temporary. 
• Jews 1.4 - Sabbath was temporary. 
• Jews 1.5 - Sacrifices were temporary.
• Marcion 1.20 - Paul in Galatians means the Law given by god then fulfilled and done away with in Christ. Not that it was given by another god.
   
• Origen 230 AD
• OFP 1:2:1 - Teaches there are many dispensations