The password reset function is part of the core WordPress.
Have you tried deactivating all the plugins including WooCommerce and then perform the password reset? If not then please try that and check how that goes.
This test will help us isolate the problem and move towards a solution. Looking forward to your response. 🙂
I have done earlier deactivating all the plugins but it doesn’t work. I even tried switching the themes to default but still I’m facing the same issue.
Thanks for getting back to us with further details on this.
As a next step, please navigate to WooCommerce → Settings → Advanced → Page setup and make sure that the Account endpoints section looks the same as the example below:
In particular, please can you check that the Lost password endpoint is set correctly? Can you also please share a screenshot of this section with us here? If you do not already have a screenshot tool installed, Snipboard.io can be used for easily sharing screenshots.