An experiment (comprised of 4 CMS lines and 4 open pollinated promising strains of pearl millet and their 16 hybrids) was conducted at MMRI, Sahiwal, during Kharif 1998 to ascertain the information of genetic variability, correlation, path and regression coefficients. Mean squares for plant height, leaf area, head length, head girth, biological yield per plot and grain yield per plot were highly significant and significant for number of leaves per main tiller. Genotypic coefficient of variability (GCV%) and phenotypic coefficient of variability (PCV%) were higher for plant height, biological yield/plot, harvest index and grain yield/ plot. The PCV% was higher than GCV% for all the traits studied. High genetic advance as percentage of mean and high heritability estimates 93.88, 86.83, 74.81 and 68.62% were observed for grain yield/plot, biological yield/plot, harvest index and plant height, respectively. Genotypic correlation coefficients were higher than phenotypic correlation coefficients for almost all the traits. Grain yield/plot was positively and significantly correlated with all traits. Positive direct effect of biological yield/plot (0.7238), harvest index (0.5976) and plant height (0.1419) on grain yield/plot was noted. Regression coefficients of biological yield and harvest index were significant and positive. This study indicated the presence of very high genetic variability for grain yield, biological yield, harvest index and plant height. Similarly analysis of correlation path and regression coefficients revealed the importance of biological yield, harvest index, head girth and plant height.