ABSTRACT We investigate the X-ray variability properties of Seyfert 1 Galaxies belonging to the BAT AGN Spectroscopic Survey (BASS). The sample includes 151 unobscured (NH < 1022 cm−2) AGNs observed with XMM–Newton for a total exposure time of ∼27 ms, representing the deepest variability study done so far with high signal-to-noise XMM–Newton observations, almost doubling the number of observations analysed in previous works. We constrain the relation between the normalized excess variance and the 2–10 keV AGN luminosities, black hole masses, and Eddington ratios. We find a highly significant correlation between $\sigma _{\rm NXS}^2$ and MBH , with a scatter of ∼0.85 dex. For sources with high L2–10 this correlation has a lower normalization, confirming that more luminous (higher mass) AGNs show less variability. We explored the $\sigma _{\rm NXS}^2$ versus MBH relation for the sub-sample of sources with MBH estimated via the ‘reverberation mapping’ technique, finding a tighter anticorrelation, with a scatter of ∼0.65 dex. We examine how the $\sigma _{\rm NXS}^2$ changes with energy by studying the relation between the variability in the hard (3–10 keV) and the soft (0.2–1 keV)/medium (1–3 keV) energy bands, finding that the spectral components dominating the hard energy band are more variable than the spectral components dominating in softer energy bands, on time-scales shorter than 10 ks.