I am developing a Mac OS X application. In that i have to draw a wave graph / chart. Is there any library / framework available which makes my job easy? What is the best way
You can try Wolfram Alpha API.
Core Plot is a plotting framework for iOS and OS X. I'm not sure if it'll have the exact type of graph you want but it is probably your best bet.
If a web-based API is acceptable then you could look at the Wolfram Alpha API (as @estro suggests) or perhaps the Google Chart API.