No, RestTemplate will continue to exist (at least for now). You don’t have to replace it with WebClient.
One of the main differences is RestTemplate is synchronous and blocking i.e. when you do a rest call you need to wait till the response comes back to proceed further.
But WebClient is complete opposite of this. The caller need not wait till response comes back. Instead he will be notified when there is a response.
If you need such a functionality, then yes you need to replace your Resttemplate with WebClient.
You can in fact achieve Rest template like synchronous processing in webclient using .block(). But the other way is not possible.
EDIT:
RestTemplate will be deprecated in a future version(> 5.0) and will not have major new features added going forward