Note: The following is made available under GPL from http://codex.wordpress.org/GPL. It may be edited a little from its original form, but probably not a lot. There is no guarantee this information is accurate…use at your own risk.
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To change your password in WordPress v2.7 or later:

1. In the Admin Panel, go to USERS
2. Click on your username in the list to edit
3. In the Edit User screen, scroll down to the New Password section and type in a new password in the two boxes provided. The strength box will show how good (strong) your password is.
4. Click the UPDATE USER button

Your new password takes effect immediately.

Using the automatic emailer

If you know your username and the email account in your profile, you can use the “lost password” feature of WordPress.

* Go to your WordPress Login page (something like http://yoursite.com/wordpress/wp-admin.php)
* Click on lost password
* You will be taken to a page to put in some details. Enter your user name and the email address on file for that account.
* Wait happily as your new password is emailed to you.
* Once you get your new password, login and change it to something you can remember on your profile page.

Through MySQL Command Line

1. Get an MD5 hash of your password.
* Visit md5 Hash Generator, or…
* Create a key with Python. or…
* On Unix: echo -n <password> | md5sum
2. “mysql -u root -p” (log in to MySQL)
3. enter your mysql password
4. “use (name-of-database)” (select WordPress database)
5. “show tables;” (you’re looking for a table name with “users” at the end)
6. “SELECT ID, user_login, user_pass FROM (name-of-table-you-found)” (this gives you an idea of what’s going on inside)
7. “UPDATE (name-of-table-you-found) SET user_pass=”(MD5-string-you-made)” WHERE ID = (id#-of-account-you-are-reseting-password-for)” (actually changes the password)
8. “SELECT ID, user_login, user_pass FROM (name-of-table-you-found)” (confirm that it was changed)
9. (type Control-D, to exit mysql client)

Note if you have a recent version of MySQL (version 5.x?) you can have MySQL compute the MD5 hash for you.

1. Skip step 1. above.
2. Do the following for step 7. instead.
* “UPDATE (name-of-table-you-found) SET user_pass = MD5(‘”(new-password)”‘) WHERE ID = (id#-of-account-you-are-reseting-password-for)” (actually changes the password)

Through phpMyAdmin

See the following video:

http://educhalk.org/blog/how-to-change-your-wordpress-blog-password-using-phpmyadmin/

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