Although you can use find & replace to locate highlighting, you cannot replace the actual color, as far as I know. To do the latter, you'd have to use a macro.
On the other hand, if you just want to clear all highlighting, select the whole document and apply No Color for highlighting.
The foillowing macro will chzange all highlighting in the document or
whatever colour to yellow. If you would prefer a different colour then
change the line
rDcm.HighlightColorIndex = wdYellow
Sub ChangeHiLight()
Dim FirstFind As Boolean
Dim rDcm As Range
Dim lClr As Long ' color index
Dim sCol As String
If ActiveDocument.Content.HighlightColorIndex <> 0 Then
For lClr = 1 To 16
Select Case lClr
Case 1
sCol = "Black"
Case 2
sCol = "Blue"
Case 3
sCol = "Turquoise"
Case 4
sCol = "Bright green"
Case 5
sCol = "Pink"
Case 6
sCol = "Red"
Case 7
sCol = "Yellow"
Case 8
sCol = "White"
Case 9
sCol = "Dark blue"
Case 10
sCol = "Teal"
Case 11
sCol = "Green"
Case 12
sCol = "Violet"
Case 13
sCol = "Dark red"
Case 14
sCol = "Dark yellow"
Case 15
sCol = "50% gray"
Case 16
sCol = "25% gray"
End Select
Set rDcm = ActiveDocument.Range
With rDcm.Find
.Highlight = True
While .Execute
If rDcm.HighlightColorIndex = lClr Then
rDcm.HighlightColorIndex = wdYellow
End If
Wend
End With
Next
Else
MsgBox "No Highlighting found."
End If
End Sub