Proper variance partitioning and estimation of genetic parameters at appropriate time interval is crucial for understanding the dynamics of trait variance and genetic correlations and for deciding the future breeding strategy of the population. This study was conducted on the same premise to estimate genetic parameters of major economic traits in a White Leghorn strain IWH using Bayesian approach and to identify the role of maternal effects in the regulation of trait variance. Three different models incorporating the direct additive effect (Model 1), direct additive and maternal genetic effect (Model 2) and direct additive, maternal genetic and maternal permanent environmental effects (Model 3) were tried to estimate the genetic parameters for body weight traits (birth weight, body weight at 16, 20, 40 and 52 weeks), Age at sexual maturity (ASM), egg production traits (egg production up to 24, 28, 40, 52, 64 and 72 weeks) and egg weight traits (egg weight at 28, 40 and 52 weeks). Model 2 and Model 3 with maternal effects were found to be the best having the highest accuracy for almost all the traits. The direct additive genetic heritability was moderate for ASM, moderate to high for body weight traits and egg weight traits and low to moderate for egg production traits. Though the maternal heritability (h2mat) and permanent environmental effect (c2mpe) was low (<0.1) for most of the traits, they formed an important component of trait variance. Traits like egg weight at 28 weeks (0.14±0.06) and egg production at 72 weeks (0.13±0.07) reported comparatively higher values for c2mpe and h2mat respectively. Additive genetic correlation was high and positive between body weight traits, between egg weight traits, between consecutive egg production traits and between body weight and egg weight traits. However, a negative genetic correlation existed between egg production and egg weight traits, egg production and body weight traits, ASM and early egg production traits. Overall, a moderate positive genetic correlation was estimated between ASM and body weight traits and ASM and egg weight traits. Based on our findings, we can deduce that maternal effects constitute an important source of variation for all the major economic traits in White Leghorn and should be necessarily considered in genetic evaluation programs.