Live it up is a colloquial idiom used to describe having an enjoyable and exciting time. There are multiple synonyms for live it up, including party, celebrate, have a blast, have a good time, rejoice, revel, enjoy oneself, paint the town red, and make merry. Each of these alternatives carries a different context and tone.
For example, party emphasizes the social aspect of having fun with others, while revel focuses on indulging in excessive enjoyment. Celebrate implies a specific occasion, while having a blast expresses a carefree attitude towards enjoying oneself in any situation. Ultimately, finding the right synonym for live it up depends on the specific context and the desired tone.