I do have a very strange requirement that i need to change the hyperlink of a item in list (like upload documents link to another library) but unfortunately I cannot edit the item as the link if formed dynamically in workflow, so to update the link I need to use PowerShell. And below is the code that will do that trick. DO NOT forget to change the URL and ITEM ID as per the requirement.
$webUrl = "http://SharePoint" $ your SharePoint Site $web = Get-SPWeb $webUrl $l = $web.Lists["Task List"] # your list name $i = $l.GetItemById(1194) # your Item ID Add-Type -AssemblyName System.Web $newlink = "YOUR URL to destination" $i["Upload Documents"] = [System.Web.HttpUtility]::HtmlDecode(" Upload Documents "); # your source column and the text for hyperlink $i.update() Write-Host New Link - $i["Upload Documents"]