Return to Revisions

To change the label, add add_new_item in labels array passed when creating your custom post type. Below is an example of custom post type 'Events'. add_action( 'init', 'create_post_type' );

function create_post_type() {

  register_post_type( 'events',
    array(
        'labels' => array(
            'name' => __( 'Events' ),
            'singular_name' => __( 'Events' ),
            'add_new_item' => __( 'Add Event' ),
            'add_new' => __( 'Add Event' ),
            'edit_item' => __( 'Edit Event' ),
            'featured_image' => __( 'Event Image' ),
            'set_featured_image' => __( 'Upload Event Image' ),
            'remove_featured_image' => __( 'Remove Event Images' ),
            'menu_name' => __( 'Manage Events' ),
        ),
        'public' => true,
        'menu_icon' => 'dashicons-calendar',            
        'has_archive' => true,
        'supports' => array('title', 'thumbnail', 'editor'),
    )
  );
}

For more information about the changing labels in custom post type refer this link

Hope this helps.