I would like to convert text time into real time via TIMEVALUE function in Excel. Time up to 24:00 converts fine, for time greater than 24 hours it converts into hours but
It sounds like you are using the TIMEVALUE function for text-to-time conversion. Use the VALUE function instead and format as [hh]:mm.
[hh]:mm
If you want to convert in-place, then use the Data ribbon's Text-to-Columns command.