WAV is audio with nothing taken away: every sample intact, every megabyte accounted for. It was born in 1991, Microsoft and IBM, and its real weak spot is being carried around: it refuses to shrink.
MP3 is the format that taught music to travel: small, scrappy, and welcome absolutely everywhere. MPEG-1 Audio Layer III. Perceptual coding: it throws away the parts of the signal your ear is least likely to miss. That makes it the right destination when what you need is playing on anything with a speaker, from new phones to twenty-year-old car stereos.