The present study was carried out to assess the genetic parameters and divergence in 38 rice genotypes for important yield and grain quality traits. Phenotypic coefficient of variation (PCV) exceeded genotypic coefficient of variation (GCV) for all the traits taken for the study, while high heritability was recorded for all the traits, except kernel length to breadth ratio and grain iron content. The trait number of grains per panicle exhibited high heritability (91.00%) and high genetic advance as a percentage of mean suggesting simple selection may be followed to improve the traits. Cluster analysis grouped the genotypes into seven clusters. The highest inter-cluster distance was observed between clusters VII and IV (537.17). Five genotypes excelled in grain yield, ten genotypes for grain zinc content and one genotype for grain iron content over the check variety Rajendra Bhagwati. Despite high variability in grain zinc and iron content, no genotype surpassed the check variety for all three crucial attributes i.e. grain yield, grain zinc and iron content. The experimental material's variability for grain nutrient status suggests their potential use in biofortification programs. Keywords: Rice, biofortification, micronutrients, variability, genetic diversity, heritability