What is the Exchanged Life
The term "Exchanged Life" is taken from the well-known passage in Isaiah 40:31. English translations refer to those who wait on or hope in the Lord as being able to "renew" their strength. All commentaries and study Bibles that deal with this verse note that the literal translation of the Hebrew word for "renew" is "exchange." Those who wait on the Lord will exchange their strength for His strength, as stated in verses 25-30.
The term "Exchanged Life" is directly related to the believer's discovery of a new identity in Christ. The believer is a new creation; one born of God. What was once true is no longer true. J. Hudson Taylor made the English term "Exchanged Life" popular through his testimony of how God made him a new man. (From the book, Hudson Taylor's Spiritual Secret, chapter 14.)
To elaborate further, we believe that the believer partakes of eternal life (Christ's Life) at the time of new birth, that identification with Christ in His crucifixion, burial, resurrection, and ascension brought the death of the "old man" and the life of the "new man." This may become a revealed experiential reality through a decision to lose one's life (total surrender) and to appropriate the Christ life by faith, and is continuously revealed by abiding in the Spirit and pursuing holiness. Victorious living is Christ living His life through the believer by the believer's faith and obedience under the Holy Spirit. This does not teach passivity, sinless perfection, or the deification of man.