The present study was undertaken to estimate components of genetic variation and to ascertain association among rice breeding lines for yield and its component traits. Sixty eight rice breeding lines along with four checks were evaluated in Augmented Block Design during kharif 2021. Analysis of variance indicated presence of sufficient genetic variation among the lines, while estimates of components of variation revealed maximum contribution of genotypic variance to the phenotypic variance indicating its exploitation through selection and hybridization. High heritability coupled with high genetic advance was observed for 1000 grain weight, plant height, days to 50 per cent flowering and grain yield per plant indicating that these traits can be improved through selection. Simultaneously, estimates of association revealed that grain yield was found to have significant and positive association with 1000 grain weight and grain length indicating that these traits are suitable for indirect selection whereas, it exhibited significant negative association with days to 50 per cent flowering and panicle length.