Highly reputable publisher such as Elsevier, process the submitted manuscripts rapidly. The process of the peer review only takes 2-3 weeks. But for some publishers like bentham, wiley and so on takes 2-3 moths. After this stage they will inform you whether the paper is accepted for revision or rejected. If accepted for revision, then you should perform the modifications mentioned by the reviewers in a limited time assign by them and submit the manuscript again. It goes under peer review again and after completion of this stage editor decides if the paper is "accepted for publication" or rejected.
Please note that If the paper is accepted for revision, i mean passed the first level, it means the chance for publication is high but not 100% and you should wait for the editor's decision after submission of the revision.