Faba bean is an important pulse crop in Ethiopia; however its productivity is low due to lack of biotic and abiotic stresses tolerant varieties. The presence of genetic variability in the germplasm is important for the improvement of yield and other traits. Thus, this study was conducted to understand the extent of genetic variability and association for yield and yield related traits among existing faba bean genotypes. Fiftyfour genotypes were evaluated at two locations (Kulumsaand Asasa) using 9 x 6 alpha lattice design with two replications in 2022/23. The combined/pooled/ analysis of variance revealed that highly significant at (P≤0.01) and significant (P≤0.05) differences were observed among genotypes for all the traits. The phenotypic variance were higher than the genotypic variance of the traits, implies that the influence of the environment on the expression of traits. The genotypic coefficient of variation ranged from 1.89% for days to maturity to 16.14% for thousand seed weight and the phenotypic coefficient of variance value ranged from 2.49% for days to maturity to 17% for thousand seed weight. High estimate of heritability were recorded from days to 50% flowering, rust and thousand seed weight. High genetic advance were observed from thousand seeds weight and rust. Highest estimate of heritability with high genetic advance were observed from thousand seeds weight and rust. Seed yield had negative and highly significant correlation with days to maturity and rust at both genotypic and phenotypic levels, respectively. The genotypic path analysis showed that number of pod per plant exerted positive direct effect on seed yield followed by thousand seed weight, plant height and number of seeds per pod. The observed variations indicate the possibility for further improvement of grain yield and associated traits of faba bean genotypes by utilizing selected parental genotypes and targeted crossing schemes in breeding programs.