An investigation was carried out at the College farm of Agricultural College, Mahanandi of Acharya N.G. Ranga Agricultural University during kharif, 2017 to estimate genetic variability, heritability, genetic advance and genetic advance as percent of mean in 38 rice genotypes. The results showed that Phenotypic coefficient of variance (PCV) values in general were higher than Genotypic coefficient of variance (GCV) for various characters studied. Among the desirable traits, high GCV and PCV were observed by grain yield per plant followed by harvest index, number of filled spikelets per panicle and panicle weight indicating wide variability among the varieties studied for these traits and the possibility of genetic improvement of these traits through selection. Further, low GCV and PCV were observed for days to 50 per cent flowering, zinc content, plant height, panicle length, days to maturity, kernel length, protein content and SCMR indicating limited scope for further genetic improvement of these traits through selection. High heritability accompanied with high genetic advance as per cent mean were recorded for days to 50 per cent flowering, number of productive tillers per plant, number of filled spikelets per panicle, kernel L/B ratio, 1000 grain weight, harvest index, grain yield per plant and iron content. This signifies that these characters are governed by additive gene action and selection for these traits would be effective.