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Replace all occurrences of the word “old” with “new”:
:1,$s/old/new/
Source:Search and replace with vi -- part 1
To replace text with slashes:
:1,$s;/var/backups/;/backup/once/;
To replace all occurrences of the string on the same line add a 'g' as suffix of the command. Example:
:1,$s;/var/backups/;/backup/once/;g
:1,$g/lines containing this text will be deleted/d
Source:alvin alexander - A vim pattern search and delete example