The present investigation was carried out with 16 genotypes of potato (Solanum tuberosum L.) at College of Horticulture, Mudigere (Karnataka) to assess the genetic variability, heritability and genetic advance for important yield component characters in potato during 2016-17 growing under kharif season. The analysis of variance indicated the existence of sufficient amount of variability among genotypes for all the characters. The phenotypic variance was in general higher than the genotypic variance. Among different characters studied fresh weight of tuber, dry weight of tuber, tuber volume, total tuber yield and marketable yield per plant, plot and hectare had the highest magnitude of GCV and PCV. The estimates of heritability revealed that characters namely, plant height, leaf area, total fresh weight of plant and total dry weight of plant at 60 and 90 days after planting, fresh weight of tuber, tuber volume, total tuber yield and marketable yield per plant, plot and hectare, total chlorophyll, non-reducing sugars, total sugars and starch were recorded with high heritability. High heritability coupled with high genetic advance was recorded for the traits viz. leaf area, fresh weight of tuber, tuber volume, total tuber yield and marketable yield per plant, plot and hectare and non-reducing sugars. Hence, these characters were predominantly governed by additive gene action and can be improved through simple selection.