Difference Between Aac and Mp3

1. AAC (Advanced Audio Coding) and MP3 (MPEG-1 Audio Layer 3) are lossy formats for audio files.
2. Apple has promoted AAC. Virtually all music players support MP3 files.
3. MIME Type
AAC:
audio/aac, audio/aacp, audio/3gpp, audio/3gpp2, audio/mp4, audio/MP4A-LATM, audio/mpeg4-generic
MP3:
audio/mpeg
4. AAC Popular among iTunes and iPod users, not so popular as MP3
MP3 is De facto standard for audio files
5.  AAC file sounds much better than MP3 at the same bitrate, and until now, no MP3 file can surpass the AAC file at 256 Kbs.