A 1 way hash such as md5 is most secure, but only useful if you're comparing data with the original data (i.e user types in password - you md5($password) and compare it with the md5 hash in the database - if it matches the password's Ok.
MySQL's PASSWORD() works in the same way.
If you want to be able to decrypt the data again, you can use MySQL's ENCRYPT()/DECRYPT() functions or use mcrypt - which supports lots of ciphers (http://php.net/mcrypt)