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How to recover drupal password in localhost?

You can update the password via mysql. You can run the following query in mysql to update password. The given hashed value is the hashed value of password: NewPassword

UPDATE users SET pass = '$S$DRSUIz9NFfxOXKPveQ00UTGMzsJe62LjYvVHfYJ8I8wuy4zRqVBK' WHERE uid = 1;

Clear flood table

If you have reset password either by using script or "request new password" but still receive "Sorry, there have been more than 5 failed login attempts for this account. It is temporarily blocked." then you may delete the corresponding entry in flood table.

This flood table records username and ip which has failed login attempts.