The Jedi Code is a external view of what it means to be Jedi, who they are, what and why they are doing at that specific time or era. In short mindfulness of their place, position and task within the universe.

Now, lets move on towards the specific lines of the Code.

There is no emotion, there is peace.

Looking externally at emotions through meditation and self-reflection, gain a hold over them so your mind can be clear of emotions that might conflict with your duty and tasks at hand when they arise. So you can meet them and succeed. With clarity of mind we move on towards the next line.

There is no ignorance, there is knowledge.

With a clear mind, one is more open to learning matters of various fields that might help a Jedi in their tasks or skillset within their chosen path as an Jedi. It is good to prepare yourself with matters of knowledge in order to minimize unknown situations. But one cannot be a master of all knowledge, since the galaxy is a vast place and there are still many unexplored places one can visit. Training is equal part of reading and studying, to put into practice of what you know. Now, with clarity of mind and knowledge, the third line beckons.

There is no passion, there is serenity.

Learning is a great driver of passion, look at renowned scientists, engineers and technicians spread across the Galaxy. They drive onward on the never-ending thirst of knowledge, expanding and learning again and again. However, all things that invite passion must be taken into moderation. Since things that invite passion, can lead towards the Dark Side. Due to passion being an emotion one must gain control over. With that in mind, we take a step back at these renowned individuals in the fields of science. We take the last two lines of the Code too, we search for their motivations. What, why and how? Knowing these things will often put you onto an advantage of the situation you face and have the ability to adequately solve it.

However, this line to me is two-fold. The other side is that no passion for knowledge, skills or otherwise should impede a Jedi to focus on their connection and understanding of the Force. Since if you lose your connection, you will become a derelict vessel within the vast sea of the Force. Ready to invite emotion back and let it control you. Rather than yourself being in control.

There is no chaos, there is harmony.

There is no chaos, when we understand motivations, have knowledge and a clarity of mind. We can act for harmony. Harmony of what? The Balance within the Force or for the wider known Galaxy? It remains a interesting topic of debate, but I digress. I believe it is both, when there is harmony, life and thus the Force can flourish. If there is chaos, it would invite despair and negative emotions that would in turn devoid places of life and thus the Force.

There is no death, there is the force.
Believe in the force, keeping your faith in it. That which you serve will survive yourself.

The last line is rather tricky to properly understand without understanding all of the previous lines to an degree. Jedi, serve the Force and no other power or organisation. We believe in it, keeping our faith in it. Through our service to it, it will survive ourselves.