Hello, Kooldeep.
Yes.
That is why MP3 is lighter than WAV file. Otherwise you have to carry very heavy file(100Mb per music) with you. You have to compromise.
But you know, Even MP3, quality of MP3 sound depends upon original source and converter/other equipment.
Original source means is it converted from WAV which recorded directly from CD? or else?(through Tape or converted from compressed file as like OGG, WMA, ASF, FLAC etc.) Recording from WAV with direct recording from CD is best.
Coverter means MP3 converter from WAV. If you want to record from external audio component or through amplifier then you must see noise level.
WAV file is almost equivalant to CD, but as Kaushik says 320kbps MP3 is enough.
Its audible as like WAV.
Some people experimented blind test for 256kbps MP3, 320Kbps MP3, WAV.
Amazingly almost people was not able to identify difference between 256kbps, 320kbps and WAV.
Because ordinary human being(some one may special capacity though) has limited capacity as below.
1)Frequency audible by human being is 20-2000Hz(Human being can feel sound)
2)Actual audible frequency is mere 100-1000Hz.
So it is said that MP3 above 192kbps can be audible for music.
Only thing you have to take care is source and coverter/equipment. If you record music by yourself, then you can check, but nobody know how other has recorded.
So its better you buy CD and convert in MP3 above 192kbps, if you want to listen music in good quality.