verb (used with object), replaced, replacing.
to assume the former role, position, or function of; substitute for (a person or thing): Electricity has replaced gas in lighting.
to provide a substitute or equivalent in the place of: to replace a broken dish.
to restore; return; make good: to replace a sum of money borrowed.
to restore to a former or the proper place: to replace the vase on the table.

1585–95; re- + place

replaceable, adjective
replaceability, noun
replacer, noun
nonreplaceable, adjective
quasi-replaced, adjective
unreplaceable, adjective
unreplaced, adjective
well-replaced, adjective

1. succeed. Replace, supersede, supplant refer to putting one thing or person in place of another. To replace is to take the place of, to succeed: Ms. Jones will replace Mr. Smith as president. Supersede implies that that which is replacing another is an improvement: The typewriter has superseded the pen. Supplant implies that that which takes the other's place has ousted the former holder and usurped the position or function, especially by art or fraud: to supplant a former favorite. 3. refund, repay. Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
replace (rɪˈpleɪs)
1.  to take the place of; supersede: the manual worker is being replaced by the machine
2.  to substitute a person or thing for (another which has ceased to fulfil its function); put in place of: to replace an old pair of shoes
3.  to put back or return; restore to its rightful place

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009
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Word Origin & History

1595, "to restore to a previous place," from re- "back, again" + place (v.). Meaning "to take the place of" is recorded from 1733. Replacement "act or fact of being replaced" is from 1790; meaning "something that replaces another" is attested from 1894.
Online Etymology Dictionary, © 2010 Douglas Harper
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Example sentences
To preserve the efficiency of sunscreens, the products should be stored in a
  cool, dry place and replaced every year.
He also replaced the old grout and cleaned, buffed, and sealed the tile to
  bring out its vibrant yellow hue.
After the fifth month the two strata of cells are replaced by a single layer of
  somewhat flattened cells.
Abstract nouns that cannot be followed immediately by whether should if
  possible be replaced by the corresponding verbs.
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