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Megabit per second (Mbit/s, Mb/s often abbreviated Mbps) is a unit used for download speeds advertised by ISPs and reported by speedtest tools, equal to 10002 bits (b).

Megabyte per second (MB/s, MBps), is a unit used for file sizes and often in the end user software, equal to 10002 bytes (B)

People often incorrectly assume that a speed of 1 Mbit/s will allow them to download 1 MB in 1 second. This is not the case, because one byte contains eight bits, thus making a megabyte 8 times the size of a megabit; so to download 1 MB in 1 second you need a connection speed of 8 Mbit/s. The difference between a gigabyte (GB) and a gigabit (Gb) is the same: a gigabyte is 8 times larger than a gigabit.