Rice (Oryza sativa L.) is one of the staple cereal crops of the world and it is one of the main sources of carbohydrate for nearly one half of the world population. Variability may be a greater need for initiating a breeding program for yield and yield contributing traits. The present investigation was carried out with 27 Advanced Breeding Lines (ABL’S) including 2 check varieties of rice germplasm in Randomized Block Design during kharif-2019. The data was recorded for 13 quantitative and 07 quality traits to study Analysis of variance, assessment of variability, Heritability, Genetic advance, Correlation coefficient analysis and Path coefficients for yield, yield component traits. It is concluded from the results of the present investigation, that significant differences were observed for all the characters among the rice germplasm. A detailed analysis revealed SHUATS DHAN (ABL)-02 (36.83g) followed by SHUATS DHAN (ABL)-04 (34.33 g), SHUATS DHAN (ABL)-07 (31.90 g), SHUATS DHAN (ABL)-11 (31.60g) which had equal grain yield per hill as compared to CHECK SHIATS DHAN-1. High estimates of genotypic and phenotypic coefficient of variation were recorded for number of grains per panicle, test weight and number of tillers per plant indicating that these characters could be used as selection for crop improvement. High heritability coupled with genetic advance as percent of mean were recorded for traits test weight, number of grains per panicle, number of tillers per plant, number of panicles per plant and biological yield, indicating ample scope for their improvement through selection. Correlation study revealed that grain yield per plant showed the positive significant association with plant height, number of tillers per plant, number of panicles per plant, flag leaf length, flag leaf width, biological yield at phenotype and genotypic level. Path coefficient analysis revealed that days to 50% flowering, plant height, number of tillers per plant, flag leaf length, biological yield and test weight has positive direct effect on grain yield per plant at phenotype and genotypic level.