The Collaborative International Dictionary of English v.0.48:

Modernization \Mod`ern*i*za"tion\, n.
   The act of rendering modern in style; the act or process of
   causing to conform to modern of thinking or acting.
   [1913 Webster]

WordNet (r) 3.0 (2006):

modernization
    n 1: making modern in appearance or behavior; "the modernization
         of Nigeria will be a long process" [syn: modernization,
         modernisation]
    2: a modernized version (as of a play)