If you do not know how to rename picklist value in Salesforce, here you find the steps how to proceed. Our experienced Salesforce consultants, testers and developers answer to any question or problem.
Go to picklist value and click Edit.
Type new picklist value and click Save.
All existing records value will be updated with new values. This change doesn’t update the Modified By date and time information.
However, there are some picklist fields which don’t allow editing the picklist value, e.g. Opportunity Stage field. Than you should replace your picklist value with a new picklist value. Click New button to add New value.
Fill in picklist value and other necessary information which are required (e.g. in case of Opportunity Stage it can be Stage Name, Type, Probability and Forecast Category).
Click Replace button.
Type the exact value you want to change in ‘Exact Value Changing From’, and select replacement value created above. For custom field and some standard field, you will see “Replace all blank values” checkbox to update picklist field without value with a value. After that, you can delete the old picklist value.
This change will replace the picklist value for all existing records, including records in the Recycle Bin, and update the Modified By date and time for all records where the value was replaced.