Rename Colors option edits color names in product variations. This button will not be active in non-variable products.
Clicking Rename Colors button does not spend edits from your balance, but if your balance is zero, you can use neither of the two buttons.
The first line in each color displays the original color name.
The second line shows the suggested color name. You can click other suggested colors to find the one you prefer.
Use Original button restores the original color name until you save the changes.
To save the changes, click Apply button.