The usage and value of soybean (Glycine max (L.) Merr.) seed oil are mainly determined by its fatty acid composition, which affects physical, chemical and nutritional properties. In order to assess genotypes' suitability for edible oil production and determine the variability in phenotypic expression of the amount of oil and fatty acid composition in the seed, three-year (2010-2012) trials were set up with eight early maturing advanced soybean lines. As a result, we determined the amount of seed oil and composition of seed fatty acids (palmitic, stearic, oleic, linoleic and linolenic). After analysis of variance (ANOVA), we calculated the saturated fatty acid (SFA) amount, monounsaturated fatty acid (MUFA) and polyunsaturated fatty acid (PUFA) ratio (MUFA:PUFA) as an indicator of the oxidative stability of the oil, and linoleic and linolenic acids ratio as an indicator of nutritional quality. To give further insight into divergence of given set of genotypes, cluster analysis was performed, while correlation analysis was used to better understand the relationships between all the traits investigated in this research, which play an important role in breeding procedures. The experimental and biometric results indicate the existence of variability in phenotypic expression of investigated traits with significant year and genotype effects, while cluster analysis divided genotypes into two main groups confirming the results of ANOVA. The amount of oil was higher than that obtained in earlier researches conducted in the same geographical region and all averages of five fatty acids coincided with the average values for commercial soybean varieties. MUFA:PUFA was lower than recommended for all tested genotypes, and linoleic and linolenic acids ratio values were higher than the recommended limits for vegetable oils. The results of the correlation study showed the significant and positive relationship between oil and oleic acid, while the significant and negative correlation between oil and both polyunsaturated fatty acids. According to the overall conclusions, the most suitable as a parental component in breeding programs aimed at creating genotypes for the production of edible oil was genotype OS-L-774, while genotypes OS-L-806 and OS-L-805 were the least suitable for the same purpose.