This post is written by Sandesh Sethi for Hongkiat.com. Sandesh is the founder of Vobliq.com – a blog about designing, blogging and money making.
http://www.hongkiat.com/blog/how-to-recover-lost-wordpress-localhost-password/
The Solution
Go into PhpMyAdmin. The URL should be http://localhost/phpmyadmin, but it might vary depending on configurations. Look for the database name on the left sidebar. In our case it’s called “wordpress“.
Click “wordpress“ to see its tables. Look for *_users, in our case it’s called wp1_users. Click it and you’ll notice a page change on the right frame. user_login column shows you all usernames you currently have. If you are looking for usernames, your problem is solved. But if you are looking to recover lost password, there is one more thing you’ll need to do.
Click on the pen icon to edit the data for the specific user. Look for “user_pass” field. Select "MD5" for the Function dropdown, and change it’s value to a new password, in our case the new password is call “admin“. Click GO once you are done.
That’s it! You’ve just changed the password for username admin to “admin“.