1. If necessary, create the replacement value in the picklist edit page. See Add or Edit Picklist Values.
2. Navigate to the picklist. For a global picklist value set: From Setup, enter picklist inthe Quick Find box, then select Picklist Value Sets.For a picklist on an object, go to the fields area of the object. For example, for anAccount picklist: From Setup, enter Account in the Quick Find box, then select Fields underAccounts.
3. For a global picklist value set: From Setup, enter picklist inthe Quick Find box, then select Picklist Value Sets.
4. For a picklist on an object, go to the fields area of the object. For example, for anAccount picklist: From Setup, enter Account in the Quick Find box, then select Fields underAccounts.
5. Start the picklist value replace process.For a global picklist value set: Go to the Global Value Set Detail page by clickingthe picklist name. In the Values section, click Replace.For all other picklists: Click Replace next to the picklistname.
6. For a global picklist value set: Go to the Global Value Set Detail page by clickingthe picklist name. In the Values section, click Replace.
7. For all other picklists: Click Replace next to the picklistname.
8. Enter the value to change, and select a new replacement value.Note Replacing an existing picklist value also changes the ModifiedBy date and time for the record.
9. To use the new value in records where this field is currently empty, select Replace all blank values.
10. To update all occurrences of the value in your org’s records with the new value, click Replace. Occurrences in the Recycle Bin are also updated.