Aims: Nutrient deficiencies, particularly zinc (Zn), iron (Fe) and protein, pose severe health risks especially in children and lactating women. Red rice is significantly rich in iron, zinc and protein compared to white rice. The present investigation was undertaken in this context to elucidate information on variability and character association in red rice genotypes to identify effective selection criteria for grain yield and quality improvement of red rice genotypes. Study Design: Randomized complete block design with two replications. Place and Duration of Study: Zonal Agricultural and Horticultural Research Station, Brahmavar, Udupi during Kharif 2023. Methodology: A total of 108 red rice genotypes were used in the study and observations were recorded for ten characters. Protein was estimated by Kjeldhal method, zinc and iron content by Atomic absorption spectrophotometer (AAS) method. The data collected was subjected to statistical procedures using R software. Results: Analysis of variance revealed significant variation among the genotypes for all the characters studied. Grain Zn (11.4-44.7ppm), Fe (13.11-37.12ppm) and protein (5.0-11.43%) showed wide range of variability. High genotypic and phenotypic coefficient of variation was observed for Zn, number of productive tillers per plant, Fe, grain yield per plant, number of grains per panicle and plant height. Correlation studies revealed that grain yield per plant exhibited significant positive association with yield component traits. Protein and Fe content had negative association with grain yield. Conclusion: The traits that have high PCV, GCV, heritability and genetic advance as per cent mean are controlled by additive gene action which is very valuable for selection. The traits that are positively correlated with grain yield can be used for indirect selection which aids crop improvement. Karthika, Bilihallga and Shahara genotypes have high protein, iron and zinc respectively, which can be used in the further breeding program to develop nutritionally rich varieties.