Is there a way through which I can translate the contents of the choice type (drop down). the value of the content will be the same but the text in option should be translated.
Just add the keys into your translation file.
Example if your choices are
array(
1 => "my.choice.1",
2 => "my.choice.2"
);
Just add
<trans-unit id="">
<source>my.choice.1</source>
<target>Pizza</target>
</trans-unit>
Symfony will automatically pass options inside the choice type inside the translator
service.