Two cycles of recurrent selection for yield were previously conducted using a population of Arachis hypogaea L.-like tetraploid hybrid derivatives selected from among the progeny of a cross between A. hypogaea and A. cardenasii Krap. et Greg. nom. nud., a diploid species with resistance to late leafspot (Cercosporidium personatum (Burk. and Curt.) Deighton). Using the 10 highest yielding parents from each of the above cycles of recurrent selection, a study was conducted for 12 morphological traits and susceptibility to leafspot infection in a replicated test at a single location. The two parents used to initiate the interspecific hybrid population (PI 261942-3 and A. cardenasii) as well as two adapted cultivars (Florigiant and NC 7) were included as checks. The objectives of the study were to determine the amount of genetic variation remaining in the population after two cycles of recurrent selection in order to predict whether further progress from selection could be expected and determine the potential for utilizing wild species for the improvement of quantitative traits in peanut. The results indicate that significant levels of genetic variation remain in the population after two cycles of recurrent selection for all traits measured, including several components of yield and leafspot resistance. This suggests that continued progress in population improvement from further cycles of selection should be possible while enhancing the genetic diversity of cultivated peanut germplasm.