Genetic variability, broad sense heritability and expected genetic advance for seed yield and its component traits were studied in 55 diverse genotypes of soybean {Glycine max (L.) Merr.} which were collected from different soybean growing states of India The highest genotypic coefficient of variation was observed for number of pods/plant followed by seed yield/plant. High heritability was observed for all the characters studied in soybean. Further, plant height, number of clusters/plant, number of pods/plant and seed yield/plant had high genetic advance coupled with high heritability which suggested that these four traits are under the control of additive gene action and can be improved through simple selection procedures.