Your Apple ID is your account on Apple which you can use for different purposes, like shopping on iTunes store, sign into iCloud, etc.
To complete password reset process, you can select any of the following options: security questions, get email, or a recovery key. If you select the security questions option, you have to answer the security question being put by you at the time of creating the account. Answer the question and follow rest of the steps to reset your password. If you select Get an Email, an email will be sent to your primary/rescue email address to reset the password.
You can also reset Apple password by two-factor authentication process. But, make sure that you have enabled this process on your Apple ID. If you have enabled this process, you can reset the password from any of the trusted iPhone, iPad, Pod touch, or Mac.
You can reset your Apple ID password by two-step verification if you have recovery key. You have to enter this recovery key at the time of password reset. Follow the below written steps to reset password through two-step verification process:
After you reset your password, you will be asked to sign in your Apple account again with your new Apple ID password.