Rice (Oryza sativa L.) is one of the major crop and considered as a staple food source for nearly half of the population in world. The variability assessment of yield and quality traits was important to understand before adopting any breeding strategy for the genetic improvement of crop plants. Quality of rice always rely upon consumer’s affinity and economic use of grain. The physico-chemical properties includes grain length, breadth, hulling percentage to evaluate the physical quality of rice whereas the cooking qualities of rice are amylose content (AC), water uptake ratio (WUR) and Gelatinization temperature. The present study was carried out with 30 genotype including derived lines from BLB donor and selected mutants to characterize the grain yield and the quality characters. A total of 12 yield traits and 13 quality traits were studied. Maximum variations observed for most important characters namely plant height (89.06 cm to 141.59 cm), days to 80 % maturity (115.66 to 129.33), total number of grains per panicle (84.53 to 121.70), grain yield per plant (6.80 to 22.53 g) and grain yield per hectare (1266.66 to 6511.10 kg ha-1). In terms of quality characters, the genotypes NEH-2, NEH-4, NEH-5, M-1 and M-9 observed higher mean values showing better performance for physical characteristics. Maximum amylose content was recorded for NEH-4 (28.25%) followed by NEH-2 (24.23%) and the minimum amylose content was recorded in M-1 (10.60%). Maximum protein content in the study was recorded in genotypes M-3 (12.47%) followed by NEH-7 (11.84%). However, protein content of genotypes NEH-11 (11.10%), NEH-6 (10.96%) and M-1 (10.96%) was statistically at par with that of M-3. The total carbohydrate content ranged from 34.32% to 81.10% and the maximum carbohydrate content was recorded for NEH-2 (81.10%) followed by M-6 (74.99%). GCV and PCV observed maximum for alkali spreading value and yield per hectare. The heritability was observed high for gel consistency (99.92%) followed by total carbohydrate content (99.84%) suggesting less environmental influence for the trait and selection for above traits would be efficient. The path analysis shown that highest direct effects for yield was exhibited by total grains per panicle (1.26351), yield per plant (0.99813) and number of tillers per plant (0.01250). The genetic diversity analysis grouped 30 genotypes into six cluster for yield characters and six cluster for quality traits respectively. The inter cluster distances was observed highest between cluster III and IV (1523.79) for yield characteristics and between cluster V and VI (31500.13) for quality traits. Hence, crosses can be made between these groups and genotypes to acquire desirable recombinants in next generations. The overall results of the study showed the maximum amount of variability in genotypes and this can be effectively utilized in breeding programmes to develop improved cultivars of rice for yield and quality traits.