Summary Genetic variability and interrelationships of yield components with oil (%) was determined by genetic parameters correlations, multiple regression and path coefficient analysis using 20 strains of groundnut. Substantial genetic variability was observed for plant height, branches, number of mature pods, 100-pod weight, 100-kernel weight, shelling percentage, pod yield/plant and oil (%). Significant positive association was observed for pod yield/plant with plant height, 100-pod weight and 100-kernel weight. Number of mature pods and shelling (%) had significant negative association with pod yield/plant. Oil (%) had significant positive association with shelling (%) and its association with 100-kernel weight was found to be negative. Multiple regression analysis revealed the major contribution of oil (%) and pod yield/plant towards oil yield/plant. Path coefficient analysis revealed that direct contribution of 100-seed weight and plant height towards pod yield/plant, whereas shelling (%) and 100-pod weight directly contributed towards oil (%) in groundnut.