One hundred and fifty safflower genotypes of Core subset germplasm provided by ICAR-IIOR, were evaluated to study genetic variability, correlation and principal component analysis (PCA). A wide range of phenotypic data with near normal distribution was observed for most of the traits analysed. High variability was observed for all the traits studied indicating diverse nature of the germplasm. Significant positive correlation was observed for seed yield with test weight and oil content. Genotype GMU 6869 has been identified as potential genotype surpassing the best check A1 for seed yield and earliness. Twenty three genotypes significantly superior to the 2nd best check PBNS-12 were identified. High heritability along with GAM was recorded for the traits number of effective capitula/plant, test weight and single plant yield indicating that these characters may be considered as selection criteria for genetic improvement in safflower. Principal component analysis revealed that first four principal components contributed 65.2% of total variance. PCA-variables plot and PCA Bi-plots revealed that two traits viz., LPB and HPB contributed maximum variations in PC1, while two traits viz., DAF & DAM contributed to the maximum variability in PC-2. Safflower accessions displaying highest performance for the traits studied were identified. These genotypes can be used as parental lines for improvement of specific traits in safflower breeding program.