AIFF - Audio Interchange File Format

An AIFF file is an audio file saved in the Audio Interchange File Format (AIFF). It contains high-quality audio stored in an uncompressed lossless format. AIFF files may also be saved as .AIF files or .AIFC files (if they are compressed).
MP3 - MP3 Audio

An MP3 file is an audio file saved in a compressed audio format developed by the Moving Picture Experts Group (MPEG) that uses Layer 3 audio compression (MP3). MP3 files are commonly used to store audio tracks, podcasts, lectures, sermons, and audiobooks.
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