Step (1) − Click on Posts → Tags in WordPress.
Step (2) − When the cursor hovers on the Tags, then a few options get displayed below the Tag name. There are two ways to edit the tags i.e. Edit and Quick Edit
Edit − Click on Edit option in Tags section
You can edit any of the required field, and then click on Update button.
Quick Edit : You can only edit the Name and Slug of the Tags. Click on Update Tag button.