How to rename a project in the Team Foundation Server (TFS)

The Team project cannot be renamed in TFS v1

You may use the following workaround (sort of workaround, because you won't really end up with renamed project with identical contents):

1. Create new project with desired name
2. Copy work items from old project to a new one (one-by-one, as there is no bulk copy option).
3. Move all source control folders from under old project folder to a new project folder Sharepoint portal documents cannot be moved in bulk (as far as I know), so you do that manually
4. Move of source code will retain the files history, and work items will also have partial history, but overall I would say the workaround does not worth the labour (and Sharepoint docs will not have their history). At any rate, selecting right name in the beginning beats any workaround by far.

Source

You can't rename a project name even in TFS 2010.

However, the renaming feature is often requested. Go here and vote for this feature to force Microsoft to put it in next version of TFS.

https://connect.microsoft.com/VisualStudio/feedback/details/554539/cant-rename-a-team-project-in-tfs-2010

I think renaming is one of the most sought after features. Unfortunately, as mentioned above, there is no contextual menu to do a site rename. If you don't utilize the work items or the sharepoint features, the built in move command will be your best bet. You will, as mentioned above have to create a new team project with the desired name.