The invention provides an operation method for replacing an overhead conductor and a ground wire. The method comprises the following steps that: 1, a plurality of guide rings distributed in the extending direction of an old wire are arranged in a penetrating way on the old wire to be dismounted, wherein the old wire to be dismounted is arranged between two towers in a lap joint way, and the guide rings are arranged on the old wire in a penetrating and sheathing way; 2, a new wire for replacing is guided to penetrate each guide ring through a traction rope sequentially penetrating each guide ring until the length of the new wire meets the replacing requirement, and then, the new wire is fixed between the two towers; and 3, the old wire to be dismounted is dismounted from the two towers, each guide ring is arranged on the fixed new wire in a penetrating and sheathing way, the old wire is guided to penetrate out from each guide ring, and the overhead replacement between the old wire and the new wire is completed. In the whole construction process, the building of a crossing structure is not needed; the new wire and the old wire are supported by the guide rings in a lap joint way; the problem that the new wire or the old wire falls onto the ground cannot occur; the operation is fast and convenient; and the safety is high.