In total 40 land races of Balam rice of Bangladesh were studied at BRRI during 2009-11. The analysis of variance of 38 morpho-physicochemical characters showed highly significant differences among the genotypes. The mean performances showed high degree of variations among the genotypes. The culm height varied from 61.5 (B31) to 137.26 cm (B11), effective tiller number per hill from 6.33 (B34) to 24.67 (B30), straw yield per hill from 8.44 (B21) to 57.93 g (B39), primary branch number from 6.33 (B21) to 14.33 (B17), secondary branch number from 11 (B26) to 50 (B29), grain length from 6.43 (B33) to 10.83 mm (B8), 1000-grain weight from 16.44 (B32) to 33.22 g (B39) and grain yield per hill from 8.47 (B26) to 33.31 g (B17), respectively. The mean separations showed that no single duplicate genotype was present in the land races. Besides, high GCV and h 2 b together with high GAPM were observed in culm height, 1000-grain weight, LB ratio, panicle exertion, secondary branch number, plant height etc. suggested that selection may be effective for these characters in segregating generations. In correlation coefficients between different characters, 63 correlation coefficients were positive in nature and only 10 estimates were negative. This represents very highly favorable situation for obtaining high response to selection in improving yield and yield components in rice germplasm evaluated. Therefore, these characters emerged as most important associates of grain yield in rice. Finally, the traditional rice germplasm can offer valuable gene pools, which need to be characterized by using molecular tools for QTL mapping of valuable traits.