MediaMonkey allows you to convert tracks in your Library from one compression format to another while transferring Track properties into the destination format's tags. This is useful if you have a device that only supports one format (e.g. if have a portable MP3 player you may want to convert OGG files to MP3). Note that when converting from one lossy compression format to another, there is always some loss in fidelity. To maintain the highest possible quality for your collection, do not replace the original file.
To convert, select the Track(s) you want to convert and click Tools > Convert Audio Format . The Convert Audio Format dialog will appear, from which you may configure:
Press 'Ok' to proceed with the conversion.
Note: If you wish to interrupt this process at any time, simply right-click on the status bar near the bottom of the screen, and click Terminate. If you wish to reduce the amount of CPU cycles used during the process, you may similarly right-click on the status bar, select Change Priority, and choose a lower priority level.