Use a Computer: Download the MP4 file on your computer and convert it to an M4R format (the required format for iPhone ringtones) using a converter tool.
Transfer via iTunes: Import the M4R file to iTunes, connect your iPhone, and sync the ringtone.
Download Apps: Alternatively, use apps like GarageBand or ringtone maker apps available on the App Store to create and set the ringtone directly on your iPhone.