This does only work for versions 7 and older. Meanwhile the password is encrypted. See the link I have posted.

Ankit ,your way is absolutely correct and it works for me in odoo8 and 9 ..I think Ermin have no knowledge about this query..@Ermin .If you have no idea about this kind of stuff dont answered ..Lot of experts checking and give perfect solutions for all the problems .Thnaks for Community...Ermin Please

First understand the question and then answer.thats better...

alternate solution for this issue---> is go to pgadmin->connect to pg->selectthe database->Go to Schemas->Public->Tables->Go to res_users table->Rightclick and Go to scripts->Update Script->Run this query(update res_users set password = 'Your new password' where login = 'Your_login_name';)

Dep, this way did not work for me in version 9.0. I had to do it the way as described in the link I have provided. I might have been wrong lately, but that does not mean I'm wrong anytime. I have provided a legit answer to the question which was even asked without providing any useful information.

Dear Ermin..as per Ankit solution it works you can check ..in locally thats why I commented...Just go to res_users table and modify .It works im sure...

I broke my local pgadmin at the moment (I'm using Postgres 9.5 on the server, which is not compatible with my local pgadmin on Ubuntu 15.10), so I can not check it with reasonable efforts, but will do it. However, if Ankit's answer works, everything is perfect. If it doesn't work, for what reason it might be, as it happened to me and obviously also to the people in the thread I have linked, the second solution should work. Any way, the problem is solved and that's the important outcome.

I am facing the same issue and I did follow these step but still after I login I find an error says

TypeError: Cannot read properties of null (reading 'children')
at https://web.com/web/content/38219-4b8ce2f/web.assets_backend.js:503:342