The current investigation was done to explore the nature and magnitude of variability, heritability and genetic advance in rice by evaluating 43 genotypes for yield, yield attributing and quality characters. Analysis of variance divulged significant differences for all the characters. Phenotypic variance was slightly higher than the genotypic variance for all the characters indicating the minimal environmental influence on these traits. Among all the characters, high Genotypic Coefficient of Variation (GCV) and Phenotypic Coefficient of Variation (PCV) were observed for gelatinization temperature followed by grains per panicle and grain yield per plant. Highest heritability was recorded for days to 50 % flowering, plant height, panicle length, spikelets/panicle, grains/panicle, spikelet fertility, 1000-grain weight, grain yield/plant, grain length, grain breadth, L:B ratio, protein content, amylose content, gelatinization temperature and gel consistency which connote that these characters have high genetic variability and transmissibility. In contrast, low genetic advance was obtained for all the characters under study. High heritability with low genetic advance indicated the presence of non-additive gene action.