Genetic variability studies provide basic information concerning the genetic properties of the population based on which breeding methods could be formulated for further improvement of the crop. Twenty two aerobic genotype and four checks were evaluated for variability, heritability and genetic advance in different yield and yield contributing traits in Rice Research Station, O.U.A.T., Bhubaneswar during 2015 kharif season. The data was recorded on five randomly selected plants for ten quantitative characters i.e. days to 50% flowering, Plant height, effective tillers/m², flag leaf area, panicle length, fertile grains/panicle, fertility percentage, 1000 grain weight, L/B ratio & plot yield. The result reveal that mean sum of squares due to genotypes showed significant differences for all ten characters studied, indicating the presence of high genetic variability among the genotypes. PCV and GCV was high for effective tiller/panicle (gcv-22.51, pcv-22.84), flag leaf area (gcv-30.86, pcv-31.31), fertile grain/panicle (gcv-38.12, pcv-38.83), fertility percentage (gcv-28.50, pcv-29.57), grain yield (gcv-49.53, pcv-51.07) and moderate for 1000 grain weight (gcv-13.53, pcv-15.35), L/B ratio (gcv-13.69,pcv-15.27) and low in rest of the characters. High degree of heritability estimates were obtained in case of flag leaf area (97.16), effective tiller per panicle (97.09), number of fertile grains/panicle (96.41), plot yield (94.08), panicle length (93.88). For the rest of the characters heritability estimates were moderate. Genetic advance (%) over mean was high for plot yield (84.56), number of fertile grains per panicle (65.89), flag leaf area (53.55), fertility percentage (48.35) and it was moderate too low for rest of the characters. Mean performance of the rice genotypes indicated that PA 6129 (2588.33 kg/ha) was promising with respect to the yield performance associated with high panicle length, number of fertile grains / panicle, fertility percentage and 100 grain weight followed by TRC 2014-14/IR82589-B-B-2-2 (2399 kg/ha), then RCPR-19-IR 84899-B-179-13-1-1-1(2399 kg/ha), then CR DHAN 202, then RAU1484-Are-04 (1957 kg/ha).