A set of 96 germplasm lines of rice belonging to IRRI, Philippines were studied to know the extent of genetic variability and diversity based on yield and yield contributing traits. The analysis of variance showed significant differences among the genotypes for all the traits studied, exhibited considerable range of variation among the genotypes indicating enough scope for breeding for crop improvement in desirable direction. The estimate of heritability (broad sense) for different traits under study ranged between 68.11 to 91.86 per cent. The high estimate of heritability revealed that selection for traits namely days to 50 per cent flowering, plant height, grain yield per plant, panicle length and grains per panicle could be effective for breeding program. Based on D² analysis 96 lines were grouped into nine clusters in which cluster first consisted of maximum numbers of genotypes (35) followed by cluster 3 (19),2(17), and 4 (02) while cluster fifth, seventh and eighth were having only single genotype each. The highest intra cluster distance has been observed for cluster 6 (119.16) and highest inter cluster distance (75.53) between cluster 6 and 9. High inter cluster distance would mean high phenotypic diversity for genotypes contained in cluster which would be mainly because of magnitude of genetic diversity when environmental influence is small. Therefore, the genotypes selected from different distant cluster would be expected to yield wide spectrum of variability on hybridization in segregating generations. The mean values of cluster 5, 6 and 7 exhibited highest mean for most of the traits. The genotypes belonging to the clusters exhibiting high cluster mean for specific traits may be selected and utilized for breeding program.