Today I was checking running processes and found a process running as root from this location, I am on osx maverics. I wanted to know what kind of process might be that's running from /var folder that too as root user.
There's a pretty good writeup on linfo.org describing the /var directory. In summary, it is used for variable information, like cache, logs, lock files, spool files, etc. Some executables will reside in this tree, like shared libraries.
You can type "man hier" to get information about the filesystem. From the man page:
NAME hier -- layout of filesystems DESCRIPTION A historical sketch of the filesystem hierarchy. The modern OS X filesystem is documented in the ``File System Programming Guide'' avail- able on Apple Developer. [omitted] /var/ multi-purpose log, temporary, transient, and spool files at/ timed command scheduling files; see at(1) backups/ misc. backup files db/ misc. automatically generated system-specific database files log/ misc. system log files mail/ user mailbox files run/ system information files describing various info about system since it was booted utmpx database of current users; see utmpx(5) rwho/ rwho data files; see rwhod(8), rwho(1), and ruptime(1) spool/ misc. printer and mail system spooling directories mqueue/ undelivered mail queue; see sendmail(8) tmp/ temporary files that are kept between system reboots folders/ per-user temporary files and caches