The Blues currently lead the way in the Premier League and are among the favourites to challenge for the UEFA Champions League having won all three of their opening Group D fixtures.
And England are resurgent under new coach Fabio Capello, with Lampard an integral member of the squad which will travel to South Africa next summer expected to be among the front-runners for the ultimate prize.
The attacking midfielder, on target in the 4-0 victory over Bolton on Saturday, enjoys the weight of expectation but knows he must stay grounded in such a crucial season.
"It's a massive season for a lot of players who are turning out for club and country, but I enjoy the pressure that brings," Lampard told the Sunday Mirror.
Embrace"If you take that away from my game, I wouldn't know what to do with myself. Pressure keeps you on your toes and it inspires you.
"It's the same in any profession, really. If you want success you have to embrace pressure, not be burdened by it.
"At the moment everyone is on a high. Chelsea are doing well in their respective competitions and England's qualification for the World Cup has given everyone a lift.
"The important thing, though, is that everyone keeps their feet firmly on the ground and doesn't get carried away with the initial success.
"After all, we've won nothing yet and you are just one club, one country, competing to win just one trophy."
Lampard helped the Stamford Bridge side lift the FA Cup last season, but has admitted that falling to Barcelona in Europe and finishing third in the Premier League left a sour taste.
DeterminedHe added: "I remember going away in the summer feeling sick to my stomach that Chelsea hadn't won the Premier League or got into the Champions League Final.
"I wasn't looking for excuses, but wanted to come back determined to put things right.
"As you get a little older you become wiser to failure. I think you cope better than you did when you were younger.
"It used to take me an age to get over it but although it tends to stick in your mind you do come to realise these things happen in football and you're not always going to get your own way.
"You can't expect to go through every campaign winning things. Sometimes it helps to switch off a bit and recharge your batteries."