Step 1 - Access your database in PHPMyAdmin


Step 2 - Open the users table
Click the users table in the menu to the left. The table can have different prefixes, in this example it is wp-users.
Locate the user for which you want to change the password and click Edit.


Step 3 - Enter new password in just normal plain text
Next to user_pass choose MD5 from the drop down menu just to left of the encrypted password
Under Value replace the current encrypted password with the new password. You can type normal text, it will be encrypted after pressing "go" in the next step.
Click Go (at the bottom of the page) to save your changes.
Your plain text password you typed in is now encrypted as is the new password for this user.


NOTE: ENCRYPTED PASSWORDS CANNOT BE DECRYPTED, SO THIS IS WHY YOU MUST CHANGE THE PASSWORD INSTEAD OF TYRING TO DECRYPT THE OLD PASSWORD.