Source : Webster's Revised Unabridged Dictionary (1913)

Modernize \Mod"ern*ize\, v. t. [imp. & p. p. {Modernized}; p.
   pr. & vb. n. {Modernizing}.] [Cf. F. moderniser.]
   To render modern; to adapt to modern person or things; to
   cause to conform to recent or present usage or taste.
   --Percy.

Source : WordNet®

modernize
     v 1: make repairs or adjustments to; "You should overhaul your
          car engine" [syn: {overhaul}, {modernise}]
     2: become technologically advanced; "Many countries in Asia are
        now developing at a very fast pace"; "Viet Nam is
        modernizing rapidly" [syn: {modernise}, {develop}]