The phrase "gives new lease on life" is commonly used to describe a situation where something or someone is given a fresh start or a second chance. There are many synonyms for this phrase that can be used to convey the same meaning with slightly different nuances. For example, words like revitalizes, rejuvenates, renews, refreshes, and restores can all be used to describe a process of giving something new life. Other possible synonyms include invigorates, reanimate, reinvigorate, and rekindle. Ultimately, the choice of synonym will depend on the context and tone of the situation, as well as personal preference and style.