For I don't want to pay much for a blu-ray player, so is there any tools to convert blu-ray to other formats, which can play on my Mac Media Player?
I would assume that if you don't have a blu-ray player then there is no way to convert it to any other format just like if you have a floppy disk (remember those?) but no drive to put it in you won't be able to read it.
That aside, please be aware that trying to rip any protected media is illegal and you will not get any help with that here.
As noted by Rev. Jim - ripping "protected" media is technically illegal. There are tools that will allow you to covert Blu-Ray movies to mkv (Mastroika) format, but you will have to find them on your own. From there, you can use tools like ffmpeg and DeVeDe to convert the mkv files into mpeg-2 files and then DVD's you can play on other devices. Again, the legality of this is questionable (although objectionable to me). If I buy something, then I should own it to the point that I can do with it what I want, other than giving a copy to someone else!
Google is the best answer.