Tools > Options... and click the Advanced icon on the left side. You'll probably need to expand the "Saved Passwords" menu by clicking the plus sign. Click the Master Password... button.Use a master password to encrypt stored passwords, because if you're going to the trouble to set one, you should let it do everything it can. Deciding how often Thunderbird should ask for the master password depends on how you use the program. If you only open Thunderbird when you're checking your e-mail, entering it The first time it is needed is fine. If you leave Thunderbird open all the time, set it to ask for the password Every time it is needed, or set an interval of time for the password prompt. Once you've decided on these settings, click Change Password... to set the password.
OK. A box will pop up informing you that the password has been changed. Click OK, and you're all set!