Twenty seven hybrid parents of pearl millet containing B and R lines were evaluated at Corteva Agriscience research farm, Aurangabad, Maharashtra to determine the extent of genetic diversity and association among yield and yield contributing traits. Multivariate techniques such as Principal component analysis (PCA) and cluster analysis were used to analyze the data. The results of PCA revealed three principal components with Eigen values greater than one, explaining 40.97%, 24.11% and 14.74% of the total variability, respectively, with a cumulative effect of 79.82%. The study identified the traits such as plant height; panicle length and grain yield as excellent selection indicators that exhibit positive loading toward genetic diversity. Cluster analysis sorted all the parental lines into five distinct clusters, with cluster I having the highest number of lines followed by cluster III and cluster IV due to similar ancestry of parental lines. The parental lines MOPT-24, MOPT-25, MOPT-27, MOPT-26, MIT-23 and MIT-24display diversity in both cluster and PCA analyses, indicating the utilization of these lines for hybridization programme to harness heterosis and to select superior segregants in pearl millet.