Both directions, honestly rendered
Markdown→HTML is the everyday direction: a README into a web page, notes into an email-ready fragment, docs into a CMS. The preview shows the actual rendered result, and the downloaded .html is a complete, readable document. HTML→Markdown is the migration direction: CMS exports, copied web content and legacy pages turned into clean CommonMark for a docs repo or notes app.
Everything converts live in your browser as you type. For Word documents, DOCX to Markdown handles the .docx side of the same journey.