MP3 is the format that taught music to travel: small, scrappy, and welcome absolutely everywhere. It was born in 1993, Fraunhofer Institute, Germany, and its real weak spot is holding fine detail at low bitrates: it stays small by quietly discarding sound.
WAV is audio with nothing taken away: every sample intact, every megabyte accounted for. Raw PCM samples in a RIFF wrapper. No compression of any kind. That makes it the right destination when what you need is recording, editing and mastering, where every last bit matters.