Possession Beasts are very powerful, but their usage is limited. Characters can only transform into a Possession Beast after filling the Hardcore Gauge to at least 100%, which slowly fills if you are online. The Hardcore gauge is displayed in the character target window.
Transforming into a Possession Beast is similar to how players use skills. Players can click the Possession Beast icon (In the 'Possession Beast' Menu), or drag and drop the icon into the shortcut bar, and then press the corresponding Shortcut key. Players can then use the skills of their Possession Beast in a similar fashion and your job skills.
NOTE: Players cannot transform into Possession Beasts if their Hardcore gauge is under 100%.