By default WCF use DataContractSerialization so if we can change it then my question is how to change it and when should we need which serialization on wcf ?
The default choice of DataContractSerializer is good for most purpose. You can also use the DataContractJsonSerializer specially for REST type services and if the client expects Json content type. The other option is XmlSerializer for interoperability purpose if you need more control over the generated XML. DataContractSerializer is more efficient than XmlSerializer.
In 3rd party options you can use protobuf-net from Google which is more efficient than DataContract Serializer.