Please clarify if you are talking about the Master Password associated with FileVault, or your standard everyday login password.
If you're talking about FileVault's Master Password it is possible to reset the it, but it still requires all users with FileVault-protected accounts to know their passwords. If a user has forgotten his or her login password, and you have forgotten the master password, there is no way to recover the user's data.
If you forget the master password, you can reset it, but you must know the passwords for any accounts with FileVault enabled:
1.
As an administrator user, delete the master password keychain file (/Library/Keychains/FileVaultMaster.keychain). When the master password keychain is deleted, Mac OS X assumes that no master password is set yet.
2.
In Security preferences, set a new master password.
3.
Log in to each account that has FileVault turned on, and use Accounts preferences to reset the password for each account.