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Audio codecs

Big picture: an audio codec compresses samples. Lossy codecs discard detail. Lossless codecs restore the same samples. Uncompressed audio stores every sample.

Related: Codec ยท Video codecs

Codecs

Codec Kind Where it shows up
AAC Lossy The usual track beside H.264 or HEVC. Apple, YouTube, streaming.
MP3 Lossy Still everywhere. Needs a higher bitrate than AAC for a similar result.
Opus Lossy Voice and music, including very low bitrates. WebRTC, Discord, browsers.
Vorbis Lossy Ogg, and older WebM.
FLAC Lossless Music libraries and archives. Same samples as the source, smaller than WAV.
ALAC Lossless Apple's lossless codec.
WAV Uncompressed PCM samples. Masters and editing.
AC-3, E-AC-3 Lossy surround Dolby Digital and Dolby Digital Plus, on discs and streams.
LC3 Lossy Bluetooth LE Audio.

Kinds

Lossy
The encoder discards detail. Decoding plays an approximation.
Lossless
Decoding restores the samples that were encoded. FLAC and ALAC do this. The file is smaller than WAV and identical on playback.
Uncompressed
Every sample is stored directly. WAV is this, using PCM.