SRT vs VTT: which subtitle format should you use?
Short version: use SRT unless you are putting a video on a web page. SubRip (.srt) works in almost every player, editor, and upload form there is. WebVTT (.vtt) exists for one job, captions on an HTML5 <video> element in the browser, and that is the one case where you actually need it.
When you need VTT
Reach for VTT when the video plays inside a web page through the browser's built-in player. The HTML5 <track> element that attaches captions to a <video> tag only reads WebVTT, and a browser will not display a raw .srt this way. VTT can also carry a few things SubRip cannot, such as cue positioning and basic styling, which matter when captions need to sit clear of on-screen graphics. If all you have is an SRT, turn it into VTT with SRT to VTT and point your <track> at the result.
When you need SRT
For everything that is not browser-native playback, SRT is the safer choice. Desktop players like VLC, subtitle editors, media servers such as Plex and Jellyfin, and the caption upload forms on YouTube, Vimeo, and the social platforms all take SRT, and plenty of them do not accept VTT at all. It is the closest thing subtitles have to a universal format, so when you are not sure, keep an SRT. If something handed you a VTT and a player or upload page rejects it, convert it with VTT to SRT.
What actually differs
Under the hood the two are nearly the same file. A VTT starts with a WEBVTT line and writes fractions of a second with a dot (00:01:02.500) where SubRip uses a comma (00:01:02,500); SRT also numbers every cue and VTT usually leaves the numbers out. The spoken text and the timing are identical in both, so converting either way is quick and loses nothing for ordinary subtitles. That is why it is fine to keep one master file and convert on demand: SRT to VTT when you publish to the web, VTT to SRT when you need it anywhere else.
Before you convert
If accented or non-Latin letters show up as é or ñ, that is not a format problem, and converting will not fix it. It means the file was saved in the wrong character encoding. Re-save it as UTF-8 with Fix Encoding, and it will read correctly as both SRT and VTT.
FAQ
Can I just rename a .srt file to .vtt?
No. A WebVTT file has to begin with the WEBVTT header line and write its milliseconds with a dot, and a SubRip file does neither, so a renamed .srt will usually fail to load or show no captions at all. Convert it properly instead with SRT to VTT, which fixes the header and timestamps in a fraction of a second.
Does YouTube need VTT?
No. YouTube accepts SubRip (.srt), which is the simplest thing to upload. The .sbv files YouTube itself gives you when you download captions are a separate YouTube-only format, best converted to SRT for use elsewhere. You do not need VTT for YouTube.
Which is better for accessibility?
For video on a web page, VTT has a slight edge, because it can position cues and carry basic styling so captions can stay clear of on-screen text and faces. Away from the browser the format matters far less than accurate wording and timing, and SRT is perfectly good. The quality of the captions counts for more than SRT versus VTT either way.
Is converting between SRT and VTT lossless?
For ordinary subtitles, yes. The text and the timing carry across exactly in both directions. The only things that can drop are VTT-only extras like positioning or styling when you convert to SRT, since SRT has nowhere to store them.