To study the effect of drought stress using PEG 6000 on germination and some physiological characteristics of 15 rice landraces/varieties including germination percentage, speed of germination, root length, shoot length, fresh weight and dry weight, a factorial experiment in completely Randomized Design was arranged with four treatments of osmotic potential (-2, -3, -4 and 0) and two replications. The objective of this study is to compare the fifteen rice genotypes in relative to various level of stress condition. The rice varieties investigated have shown varying response for different parameters against drought stress which remained significantly different for most of the parameters studied. The effect of PEG 6000 was significant for germination %, speed of germination, shoot length, fresh and dry weight, whereas it was not-significant for root length. Interaction effect between two factors showed that variety Khasa in –2 bar concentration had attained highest germination % and speed of germination, while in other parameters there was a significant increase in Zero concentration of PEG for almost all the varieties. As far as it concern with the performance of verities in lower osmotic potential, Kalojira was found to be the best varieties followed by Chinikamini and Khaskhani in respect to germination percentage and speed of germination. For root length and shoot length Tulshimanguri is found to be best genotype followed by Kalojira, Gopalbhog and Khaskhani respectively.