The winged bean (Psophocarpus tetragonolobus L.) is a multipurpose, underexploited leguminous crop of the tropics that is rich in proteins and minerals. The present study, entitled “Exploration of Genetic Diversity and Variability in Winged Bean (Psophocarpus tetragonolobus L.) in the new alluvial zone of West Bengal’’ was conducted to assess the degree of variability, variation, genetic advance, for multiple quantitative traits in order to establish selection criteria for achieving high pod yield per plant in the winged bean. A total of 14 genotypes were included in the experimental material. The individuals were reared in a Randomized Block Design (RBD) with three replications throughout the kharif seasons of 2020–21 and 2021–2022. The trait with the highest GCV and PCV was the number of pods per plant, with values of 23.33 and 23.65, respectively. This was followed by the green pod yield per plant in kg, with GCV and PCV values of 22.78% and 22.91%, respectively. A high heritability estimate was recorded for the character of green pod yield per plant (98.8%), followed by total sugar (95.1%), protein content g/100 g (pod) (94.1%). Seed yield per plant (93.9%), vine length (cm) (93.6%), duration of the crop (days) (93.1%), shelling percentage (89.9%). A high genetic advance was observed. Vine length (81.40), followed by other characters like seed yield per plant (62.45), number of pods per plant (21.37), duration of the crops (14.65), shelling percentage (8.5), and days to first harvest (8.3) for quantitative parameters and protein content g/100g (pod) (4.61), followed by other characters like protein content g/100g (seed) (3.16), ascorbic acid (1.52), and total sugar (0.82%) for qualitative parameters.