Genetic variability is crucial for effective selection and breeding in rice improvement programs. This study assesses the genetic variability parameters for yield and its contributing traits in rice hybrids using 25 cross combinations, including parents, and checks. was studied at IGKV Raipur, Chhattisgarh for 13 characteristics. In this analysis depicts higher estimates of GCV and PCV observed for grain yield per plant, biological yield per plant, total tillers per plant, and effective tillers per plant. The high value of Phenotypic coefficient of variance than Genotypic coefficient of variance indicates influence of environment. Moderate values of GCV and PCV were noticed in plant height, harvest index, 1000 seed weight, number of filled spikelets per panicle and the total number of spikelets per panicle. Lower estimates were recorded for spikelet fertility (%), days to 50% flowering, and days to maturity. The PCV was generally higher than the GCV, and showed less influence of environment for the expression of yield traits. High heritability was observed for traits like biological yield per plant, total tillers per plant, total number of spikelets per panicle, grain yield per plant, number of filled spikelets per panicle, 1000 seed weight, effective tillers per plant, spikelet fertility (%), plant height, harvest index, days to 50% flowering, panicle length, and days to maturity. Genetic advance as a percentage of mean was also found higher for grain yield per plant, biological yield per plant, total tillers per plant, effective tillers per plant, plant height, harvest index, 1000 seed weight, number of filled spikelets per panicle, and total number of spikelets per panicle. Moderate genetic advance was observed for panicle length and spikelet fertility (%). Lower genetic advance was observed for days to 50% flowering and days to maturity. Traits with high heritability and high genetic advance as a percentage of mean are likely controlled by additive gene action, making them suitable for selection and genetic improvement. Traits with high heritability but moderate genetic advance may involve both additive and non-additive gene actions. Recommending these potential lines for genetic improvement through selection. The findings provide valuable insights for breeders aiming to enhance crop performance through targeted trait selection and breeding strategies.