How to change the MySQL root account password on CentOS7?

1. Stop mysql:
systemctl stop mysqld

2. Set the mySQL environment option 
systemctl set-environment MYSQLD_OPTS="--skip-grant-tables"

3. Start mysql usig the options you just set
systemctl start mysqld

4. Login as root
mysql -u root

5. Update the root user password with these mysql commands
mysql> UPDATE mysql.user SET authentication_string = PASSWORD('MyNewPassword')
    -> WHERE User = 'root' AND Host = 'localhost';
mysql> FLUSH PRIVILEGES;
mysql> quit

*** Edit ***
As mentioned my shokulei in the comments, for 5.7.6 and later, you should use 
   mysql> ALTER USER 'root'@'localhost' IDENTIFIED BY 'MyNewPass';
Or you'll get a warning

6. Stop mysql
systemctl stop mysqld

7. Unset the mySQL envitroment option so it starts normally next time
systemctl unset-environment MYSQLD_OPTS

8. Start mysql normally:
systemctl start mysqld

Try to login using your new password:
7. mysql -u root -p


Ref:
https://stackoverflow.com/questions/33510184/how-to-change-the-mysql-root-account-password-on-centos7