I need to modify Materialized view query . Is is possible to do the same without droping and recreating it.
No, you cannot alter the query of a materialized view without dropping it.
The CREATE MATERIALIZED VIEW syntax does not support that feature.
The ALTER MATERIALIZED VIEW is used to modify an existing materialized view in one or more of the following ways:
See Oracle 12c Release 1 Manual for:
CREATE MATERIALIZED VIEW syntax: http://docs.oracle.com/cd/E16655_01/server.121/e17209/statements_6002.htm#i2145767
ALTER MATERIALIZED VIEW syntax: http://docs.oracle.com/cd/E16655_01/server.121/e17209/statements_2002.htm#SQLRF00808
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