(1) To occupy in person; to hold or actually have in one's own keeping; to have and to hold.
(2) To have the legal title to; to have a just right to; to be master of; to own; to have; as, to possess property, an estate, a book.
(3.) To obtain occupation or possession of; to accomplish; to gain; to seize.
(4) To enter into and influence; to control the will of; to fill; to affect; said especially of evil spirits, passions, etc.
(5) To cause to be influenced or controlled, as by an idea or emotion.
(6) To cause to own, hold, or master something, like power, knowledge, property, etc.; followed by of or with before the thing possessed, and now commonly used reflexively.
(7) To have as a quality, characteristic, or attribute.
Possess vs. Have: Have is the more general word. To possess denotes to have as a property. It usually implies more permanence or definiteness of control or ownership than is involved in having. For example, a man does not possess his wife and children: they are (so to speak) part of himself. For the same reason, we have the faculties of reason, understanding, will, sound judgment, etc., they are exercises of the mind, not possessions.
Related forms: possesses (singular simple present), possessing (present participle), possessed (simple past and past participle).