MP3 is a lossy audio compression format that achieves small file sizes by removing audio frequencies the human ear struggles to perceive — a technique called perceptual coding. A 4-minute song that might be 40 MB as uncompressed WAV can shrink to just 4–8 MB as MP3 with minimal audible difference at 192 kbps or higher.
The trade-off is irreversibility: once audio is encoded as MP3, the removed frequencies cannot be recovered. This is why audio professionals work in lossless formats (WAV, FLAC) and only convert to MP3 for the final distribution copy.