(
Mega
Bits or 
Mega
Bytes per 
SECond)  One million bits or bytes per second.  The correct abbreviation is "b" for bits and "B" for bytes; however, "b" and "B" are often erroneously interchanged.  See 
space/time, 
Kbps and 
Gbps.
Megabits - "b" (Mbps, Mb/sec, Mb/s)
Megabits per second is used to rate serial data transmission such as Ethernet, Wi-Fi and USB.
Megabytes - "B" (MBps, MB/sec, MB/s)
Megabytes per second is used to rate parallel data transfers such as from memory to disk.