I suggest creating an internal div enclosing just the text, like this:
<div id="topdiv" style="color:Blue" onmouseover="button1();">
<input type="button" id="editbtndiv" onclick="edit1();" value="edit"/>
<input type="button" id="savebtndiv" onclick="save1();" value="save"/>
<input type="text" id="inputdiv" style="display:none;" />
<div id="divtext"> Div Tag </div>
</div>
Then, to display the input field and hide the text:
var editObj = document.getElementById("editbtndiv");
editObj.style.display = "none";
var saveObj = document.getElementById("savebtndiv");
saveObj.style.display = "block";
var inputObj = document.getElementById("inputdiv");
inputObj.style.display = "block";
var txtObj = document.getElementById("divtext");
txtObj.style.display = "none";
Then user does his job, clicks save and you can hide the input field and show the text:
var editObj = document.getElementById("editbtndiv");
editObj.style.display = "block";
var saveObj = document.getElementById("savebtndiv");
saveObj.style.display = "none";
var inputObj = document.getElementById("inputdiv");
inputObj.style.display = "none";
var txtObj = document.getElementById("divtext");
txtObj.value = divObj.value;
txtObj.style.display = "block";