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I have tried to make a reaction timer using IC 4026. But due to unavailability of IC 4026 I want to replace it. Can I use 4017 instead of 4026?rection timer

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If you're not in a desperate rush on e-bay if you search on CD4026 you can get them for a few dollars with free postage and places like Digikey have them (although postage will be more). – PeterJ Aug 5 '14 at 6:45
I don't know why you're having trouble finding 4026 parts. TI Still manufacture them, and they're in stock on digikey. – Connor Wolf Aug 5 '14 at 9:44

Although the 4017 is not an equivalent to the 4026 you can use a 4017 if you build your own 7-segment encoder, e.g. as diode matrix:

enter image description here

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In a word; no.

The 4017 is a decade counter with decoded one-hot outputs, while the 4026 is a decade counter with decoded 7-segment outputs.

Here are the data sheets for the 4017 and the 4026

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