Abstract: The study was conducted to assess the genetic variability, heritability, genetic advance and correlation coefficient among 35 guava (Psidium guajava L.) genotypes, evaluated for tree, vegetative, reproductive, fruit and seed characters during 2010 to 2013. Wide range of phenotypic variability in the studied material was observed as phenotypic coefficients of variation for different traits ranged from 8.17 for fruit width to 35.00 for number of seeds per fruit. Genotypic coefficient of variation for all the characters ranged from 6.95 to 33.11 percent. Heritability ranged from 73.97 to 99.77 percent. Very high heritability estimates were obtained for fruit length to width ratio. The genetic advance as per cent of mean was highest for number of seeds per fruit (64.52 %). Characters like seed weight per 100 g fruit, seed weight per fruit, 100-seed weight, thickness of outer flesh and fruit weight had high heritability and higher genetic advance, which indicate that the expression of these characters is governed by additive gene action. Genotypic correlation coefficients, in general, were higher in magnitude than the corresponding phenotypic correlation coefficients indicating an inherent association among various characters under study. Presence of genetic variability along with high heritability and genetic advance indicate that these genotypes can be further utilized in guava breeding programme, keeping in mind the inherent association of various agronomical important traits to combine the desired traits into a single line/cultivar.