A field experiment was conducted using 149 germplasm accessions of foxtail millet including varieties, local collections from Karnataka (Koppal) and multi locational trials from Agriculture Research Station Hanumanamatti during late kharif 2014-15. The experiment was carried out at Regional Agricultural Research Station, Vijayapur, University of Agricultural Sciences Dharwad to study the variability and heritability studies for yield and yield components in foxtail millet. Data where recorded for 19 yield and yield contributing traits and analyzed for Genotypic Coefficient of Variation , Phenotypic Coefficient of Variation, heritability and genetic advance expressed as per cent mean and also characterized the genotypes for their superiority for various yield contributing traits. High estimates of PCV (%), GCV (%), heritability and genetic advance as per cent of mean were observed for number of tillers/m row length, number of productive tillers/m row length, number of productive tillers/plant, grain yield per plant (g), grain yield per hectare (kg/ha), fodder yield per plant (g), and fodder yield per hectare (kg/ha). Hence these traits could be used in genetic improvement through selection. The genotypes identified for superiority for various traits viz., SR 11, GS 213, GS 511, GS 510 could be utilized for simultaneous transfer of multiple traits/genes in crop improvement programme, while the genotypes identified for their superiority for specific traits like early maturity (GS 35), plant height (GS 213), no. of tillers (GS 510), high SPAD values (GS 17, GS 213 & GS 207), panicle length (MLT-12-8 & SR 11), panicle girth (GS 511), test weight (GS 207, MLT-12-8, HMT-100), grain yield (SR 11 & GS 510) and fodder yield/plant (SR 11 & GS 35) may be utilized in breeding for specific traits.