First, log into phpMyAdmin and select the database associated with your WordPress installation. You can find it from the wp-config.php file. Once in your database, select the wp_users table.
Once the table is loaded, look for the username you had chosen while installing WordPress. Assuming the user name is admin in this scenario. Click on the edit icon, the little yellow pencil icon located next to the admin entry.
Look for the row named user_pass and make the following changes:
Change the Function field to MD5. Under the Value field, enter your new password and click on Save Changes.
Now you have successfully changed your WordPress password and reset the WordPress admin password. 🙂