This article provides a detailed guide on how to change your Hotmail account password via the Microsoft password management page, where you can handle passwords for all your Microsoft products.
Steps

Access http://account.live.com/password/change using your web browser. Type "account.live.com/password/change" into your browser's address bar and press ⏎ Return. If you're not logged in, enter your Hotmail address and password, then click Next.
- If prompted to create a security code, click Send Code and enter the code sent to your email or phone number.

Enter your current password in the field at the top of the window.

Enter and confirm your new password.
- If you want to be prompted to change your password regularly, select "Make me change my password every 72 days."

Click Next. Your Hotmail login password has now been updated.
- You will need to use alternative methods to recover a lost or forgotten Hotmail password.
