OK, you realize that this is not a matter of converting a filetype, right?
The MIDI file has no audio enclosed, it is a sequence file - a series of instructions for playing a MIDI instrument. So your MIDI sequence has to be played through a sequencer, which commands MIDI instruments (software or hardware) to play the notes, and the resulting sound is then saved as an audio format and converted to an MP3
iTunes will do this for you, Import the MID file to your library, then under the Advanced tab, choose Convert to MP3. The problem is, the results could be terrible, because iTunes has to decide which instruments to assign to each track (and the software Quicktime Musical instruments aren't the highest quality). If the writer of the MIDI track didn't assign instruments according to the General MIDI standard, then your results can be pretty random.
The classic way to do this would be to import the MIDI tracks into a sequencer (such as GarageBand) and assigning software instruments to the tracks to suit your taste, and proceeding from there.