Today i had installed Magento for one of the project. After successfully installation, i would like to change Magento Admin Password. If you are able to enter into administrator section than follow the below steps.
1) Login to Magento Admin
2) Select System > My Account
3) Enter Password and Confirm Password
4) You are Done!
If you are not able to login into administrator section than you can change the Magento Admin Password from phpmyadmin only.
To change Magento Admin Password, copy below sql and paste it into mysql query window.
UPDATE admin_user SET password=MD5('rakshit') WHERE username='admin';
This might help you if you face the similar situation.