Rice is the primary source of energy for the international population. In any crop breeding programme, the presence of genetic variability is vital for broadening the gene pool. An excessive magnitude of variability in the population is required for selecting a genotype with excessively applicable traits. The heritability estimates along with the amount of genetic variability provide us with an idea of genetic gain due to choose. Specific direct developments (number of panicles/plants, filled grains/plant, and test weight) and indirect tendencies (tiller number/plant, plant peak) determine the yield component of rice. In the present overview, we draw a clear picture of how variability affects the selection method and also how yield is related to distinct direct and indirect developments. Genotypes show high variability, and suitable characters can be used in a similar breeding programme. A glimpse of molecular advances in rice breeding has also been integrated into the gift overview.