Meaning of “replace” - Learner’s Dictionary

replace

verb [ T ] uk us /rɪˈpleɪs/
USE INSTEAD

B1 to start using another thing or person instead of the one that you are using now:

We're thinking of replacing our old TV with a fancy new one.
BE USED INSTEAD

B2 to start to be used instead of the thing or person that is being used now:

This system will replace the old one.
GET SOMETHING NEW

B1 to get something new because the one you had before has been lost or damaged:

We'll have to replace this carpet soon.
PUT BACK formal

to put something back in the place where it usually is:

She picked up the books and carefully replaced them on the shelf.

(Definition of “replace” from the Cambridge Learner’s Dictionary © Cambridge University Press)