How to reset Magento admin password

If you need to change your magento admin password, go to phpMyAdmin, select your Magento database, click the SQL tab and paste this query:

UPDATE admin_user SET password=CONCAT(MD5('sGnewpass'), ':sG') 
WHERE username='AdminUsername';

You have to change newpass in the MD5('sGnewpass') with your new password, and change 'AdminUsername' to your Magento admin username.

Execute the query and your password will be changed.