In the present investigations, studies on genetic variability induced by gamma rays radiation for fifteen vegetative and floral traits was studied in M1V2 generation of gladiolus variety Ethyl Cav cole and White prosperity in the year kharif 2012-13. A significant shift in mean values in positive direction was observed for all characters studied. The moderate PCV and GCV values for the characters like, days to sprouting, days to first floret to show colour, days to full spike emergence, spike length, rachis length, spike girth and number of florets per spike was found in all treated populations in both genotypes. Low PCV and GCV recorded for characters like, leaf width, inter floret length and floret diameter in all treated population in Ethyl Cav Cole except White Prosperity which recorded moderate variability for inter floret length in all treated populations. High heritability estimates along with moderate genetic advance (GA) and genetic advance over mean (GAM) observed for most of the characters viz., number of leaves per plant (at 10 Gy), leaf width, days to full spike emergence, days to first floret to show colour, spike length, rachis length, florets per spike, inter floret length and floret diameter were observed in all gamma ray treated mutant populations.