To perhaps expand a bit on what PhoenixEnigma said:
MP3's are compressed audio. They can be compressed at different rates and qualities. Take a song that is 5 minutes long. It could take up 2MB as a 64kbps MP3, or 10MB at 320kbps. When you play it back, the song will be the same length, despite one file being 5 times the size of the other. You will almost definitely be able to hear the difference between the two MP3s; the smaller one (64kbps) will sound worse than the larger one (320kbps).
A CD does not use compression at all. It is a straight translation of the analog audio signal into a digital signal, at a given sampling rate and bit depth. Any 5:00-minute song on a CD will take up exactly the same amount of space as any other 5:00-minute song on a CD. The sampling rate of a CD is 44.1kHz at 16 bits, meaning that one second of audio consists of 44,100 numbers, each of which is 16 bits in size (i.e., it has 65,536 possible values). 2 seconds of audio would consist of 88,200 numbers, etc.
This is unchangeable and built-in to the CD format. The format was developed in the late 1970's and released in 1980. Remember that audio compression/decompression is a very processing-intensive task (while the simple digital-to-analog conversion process for CD audio is a comparative walk in the park). Even an 80386 computer which was common in the early 1990s could not decode a standard/low-quality 128kbps MP3 in real-time.... as far as I know, the earliest computers able to play MP3's reliably would have had Pentium CPUs with MMX. Of course, there are now purpose-built chips with built-in decoders that do the job admirably, but silicon was not so cheap back in those days.