Submergence is the third most important abiotic stress hugely affecting yield and productivity in rice. There are many wild varieties and landraces available which are tolerant to submergence stress. These genotypes can be utilized as donors in different breeding programs. The population derived from such germplasms are subjected to genetic evaluation for yield and yield related attributes for development of lines that are high yielding as well as tolerant to submergence. The present investigation was executed in 120 Recombinant Inbred Lines (RIL) population (F10) derived from Swarna-Sub1 x AC 20431B along with four land races and Swarna-Sub1 to elucidate the association existing between yield and yield attributing characters. Apart from this, Correlation and path analysis was also employed to study direct and indirect effect on grain yield. Observations for agro-morphological traits such as days to 50% flowering, plant height, panicle length, total number of tillers, number of effective tillers per plant, number of filled grains and Spikelet fertility, test weight, grain yield per plant, biomass per plant and harvest index were recorded and analyzed for various variability parameters. Correlation and path coefficient analysis were also carried out. High heritability and genetic advance values were observed for days to 50% flowering, plant height, panicle length, total number of tillers per plant, effective tillers per plant, filled grains per panicle, spikelet fertility, test weight, grain yield and biomass per plant. Among all the characters; filled grains per panicle, biomass and harvest index per plant showed significant correlation with grain yield. Effective number of tillers per plant has the highest positive direct effect on grain yield.