wav is uncompressed PCM usually, flac is compressed and as such smaller (difference in size depending on the kind of music), but they’re both lossless with the resulting signal being bit for bit identical to the data on the CD.
320 kbps MP3 makes little sense nowadays except for when you need maximum quality for a device supporting nothing else. For long term storage, use flac.
wav is uncompressed PCM usually, flac is compressed and as such smaller (difference in size depending on the kind of music), but they’re both lossless with the resulting signal being bit for bit identical to the data on the CD.
320 kbps MP3 makes little sense nowadays except for when you need maximum quality for a device supporting nothing else. For long term storage, use flac.