The study was carried out at research area of Genetics and Plant Breeding, Chaudhary Charan Singh Haryana Agricultural University, Hisar, Haryana for characterization of 49 advance lines of wheat. The characterization was done on the basis of 13 morpho-physiological traits. Information regarding genetic variability, correlation and direct-indirect effects has been worked out in this paper which is important for the selection of breeding method to develop promising varieties. High variability was observed among different traits of wheat genotypes. GCV and PCV were high for flag leaf area (16.30, 21.03), no. of grains per spike (9.40, 14.20) and grain yield (8.79, 9.80) suggesting the possibility of improvement in these traits. The correlation studies revealed positive relation of all the component traits with grain yield. Number of tillers per plant had greatest value of 0.915, thus it is highly correlated with grain yield whereas days to heading and plant height did not exhibit any significant correlation. It is further important to know the direct and indirect effects of traits on grain yield which was done by path analysis. Biological yield per plant (0.763), harvest index (0.616) and no. of spikelets per spike (0.555) depicted high and direct contribution to grain yield. Genetic diversity was evaluated through D2 on the basis of similarities coefficient. The 49 genotypes were divided into 8 groups with maximum inter cluster distance of 9.46 among cluster number 4 and 5.