Because String is immutable you should use StringBuilder for better performance.
http://docs.oracle.com/javase/7/docs/api/java/lang/StringBuilder.html
yourStringBuiler.replace(
                   yourStringBuiler.indexOf(oldString),
                   yourStringBuiler.indexOf(oldString) + oldString.length(),
                   newString);`
If you want to replace a whole String like the String.replaceAll() does you could create an own function like this:
public static void replaceAll(StringBuilder builder, String from, String to)
{
    int index = builder.indexOf(from);
    while (index != -1)
    {
        builder.replace(index, index + from.length(), to);
        index += to.length(); // Move to the end of the replacement
        index = builder.indexOf(from, index);
    }
}
Source:
Replace all occurrences of a String using StringBuilder?
However if you doesn't need it frequently and performance is not that important a simple String.replaceAll() will do the trick, too.