i know there is a way to change the app default theme on button click. Blackmart developers have done it. I’ve already searched Google like 1000 pages but i found just this (not working)
getApplication().setTheme(Theme.Holo)
As i already created a new style in res/values/styles.xml is there any other way to dynamically change it? Even rebooting the application?
Following blog can solve your problem:
http://mrbool.com/how-to-change-the-layout-theme-of-an-android-application/25837
Copying the blog code for quick reference:
Assuming that you already defined following three themes in the XML file R.style.FirstTheme, R.style.SecondTheme and R.style.ThirdTheme
import android.app.Activity;
import android.os.Bundle;
import android.view.View;
import android.view.View.OnClickListener;
public class ChangeThemeActivity extends Activity implements OnClickListener
{
    /** Called when the activity is first created. */
    @Override
    public void onCreate(Bundle savedInstanceState)
    {
        super.onCreate(savedInstanceState);
        Utils.onActivityCreateSetTheme(this);
        setContentView(R.layout.main);
                    findViewById(R.id.button1).setOnClickListener(this);
          findViewById(R.id.button2).setOnClickListener(this);
          findViewById(R.id.button3).setOnClickListener(this);
    }
     @Override
     public void onClick(View v)
     {
          // TODO Auto-generated method stub
          switch (v.getId())
          {
          case R.id.button1:
          Utils.changeToTheme(this, Utils.THEME_DEFAULT);
          break;
          case R.id.button2:
          Utils.changeToTheme(this, Utils.THEME_WHITE);
          break;
          case R.id.button3:
          Utils.changeToTheme(this, Utils.THEME_BLUE);
          break;
          }
     }
}
Let us write the below code in the "Utils" file:
import android.app.Activity;
import android.content.Intent;
public class Utils
{
     private static int sTheme;
     public final static int THEME_DEFAULT = 0;
     public final static int THEME_WHITE = 1;
     public final static int THEME_BLUE = 2;
     /**
      * Set the theme of the Activity, and restart it by creating a new Activity of the same type.
      */
     public static void changeToTheme(Activity activity, int theme)
     {
          sTheme = theme;
          activity.finish();
activity.startActivity(new Intent(activity, activity.getClass()));
     }
     /** Set the theme of the activity, according to the configuration. */
     public static void onActivityCreateSetTheme(Activity activity)
     {
          switch (sTheme)
          {
          default:
          case THEME_DEFAULT:
              activity.setTheme(R.style.FirstTheme);
              break;
          case THEME_WHITE:
              activity.setTheme(R.style.SecondTheme);
              break;
          case THEME_BLUE:
              activity.setTheme(R.style.Thirdheme);
              break;
          }
     }
}
Hope it helps...
EDIT 1:
following is the reason AlertDialog does not take custom theme:
Implementation in Builder.create() is:
public AlertDialog create() {
    final AlertDialog dialog = new AlertDialog(P.mContext);
    P.apply(dialog.mAlert);
    [...]
}
which calls the "not-theme-aware" constructor of AlertDialog, which looks like this:
protected AlertDialog(Context context) {
    this(context, com.android.internal.R.style.Theme_Dialog_Alert);
}
There is a second constructor in AlertDialog for changing themes:
protected AlertDialog(Context context, int theme) {
    super(context, theme);
    [...]
}
that the Builder just doesn't call.
Check out following post for more relevant fixes..
How to change theme for AlertDialog
Following is the most voted answer:
  new AlertDialog.Builder(
  new ContextThemeWrapper(context, android.R.style.Theme_Dialog))
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