[4] Varna is in eastern Marshall County, northeast of the intersection of Illinois Routes 17 and 89.

IL 89 passes through the west side of the village as Pine Street, leading north 6 miles (10 km) to Magnolia and south 4 miles (6 km) to La Rose.

According to the U.S. Census Bureau, Varna has a total area of 0.30 square miles (0.78 km2), all land.

3 miles (5 km) northwest of Varna and within the village's postal zone is the 1,400-acre (570 ha) gated community of Lake Wildwood, which was developed in the 1970s around a man-made 220-acre (89 ha) lake on Shaw Creek.

[5] In September 2015, the Illinois Environmental Protection Agency completed a watershed management project to stabilize the source water of Shaw Creek and prevent natural sediment from entering the watershed.