CAF (Core Audio Format) is a free audio container format developed by Apple and works on macOS 10.4 or later. It can also be opened on macOS 10.3 using QuickTime 7. Apart from audio, CAF can also hold multiple metadata such as file name, album name, composer, and more. It comes with a filename extension of .caf.
Apple QuickTime Player Soundtrack Pro Logic Studio
MP3 is a standard audio format developed by Moving Picture Experts Group and uses MPEG-1 and MPEG-2 standardizations. MP3 uses lossy data compression, meaning that it loses quality over time. This sound format comes with a .mp3 filename extension and is today the most common audio format on websites and multimedia players.
Windows Media Player iTunes, Mplayer VLC Media Player