There is a requirement that is requested so much to change the Add new item label in SharePoint lists to something meaningful. The good about these labels is that they have an ID that you can play with using JavaScript. Each of SharePoint lists has ID that is different from a list to another.

For the custom list you have the ID= idHomePageNewItem,  for document libraries it is = idHomePageNewDocument, you can know the exact ID using the IE developer tool or the Firebug in Firefox.

To change the label, use JavaScript, you get the ID of the anchor and change the innerText property. The code is like this:

 

document.getElementById(‘idHomePageNewItem’).innerText= “my new text”;

That’s it.