You can change standard field labels in Salesforce by using the Rename Tabs and Labels setting in Setup. Selecting Edit next to an object and clicking Next opens the full list of standard fields where you can enter new display names. Here is the exact step-by-step process to update both standard object and field labels in your org.
If you click edit on any of the standard field present on object, you cannot simply change their labels as shown below:

Standard field label cannot be changed
So, How to rename Standard Object and field labels?
Navigate to Setup -> Rename Tabs and Labels
Click on "Edit" in front of object name. Lets say I want to rename "Account" object to "Customer". So I clicked on "Edit" in front of "Account" object.

Rename Tabs and Labels
- Change the label to "Customer" and Plural to "Customers".

- To change the field labels, you can now click on "Next". It will display the list of standard fields with their labels. You can change with whatever you want and then Save.

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