"Es mío" is a phrase which is often translated as "it's mine", and "mía" is an adjective which is often translated as "mine". Learn more about the difference between "es mío" and "mía" below.
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An adjective is a word that describes a noun (e.g. the big dog).
A pronoun is a word that stands in for a noun (e.g. she).
Esta silla es la mía. La tuya es esa otra.This chair is mine. Yours is that one there.
Esta no es mi raqueta; la mía lleva mi nombre escrito.This isn't my racket; mine has my name written on it.