Application modernization is the practice of updating older software for newer computing approaches, including newer languages, operating systems, form factors and infrastructure platforms.
A great analogy for application modernization is choosing having an older home and choosing whether to:
1. Upgrade the key mechanical components like plumbing, electrical, foundation, etc to reduce the chances of having major problems but keep the rest the same. (Lift and Shift)
2. In addition to the mechanical upgrades, painting walls and ceilings, new carpet or refinished floors and other cosmetic and comfort upgrades. (Replatforming)
3. Gut the entire house and build back new. While the basic layout of the home will be the same, everything in it will be new. (Refactoring)
4. Tear it down hire an architect and build new. (Rip and replace)