Genetic variability for yield and its component traits was studied in eight parents and their 28 Fts of wheat (Triticum aestivum L.) under normal and drought conditions. Both phenotypic and genotypic coefficients of variation were found to be moderate for effective tillers/plant and biomass/plant under drought only, while coleoptile length and grain yield/plant under normal and drought conditions. Hence, direct selection of these traits will prove effective. Effective tillers/plant had moderate PCV and GCV coupled with moderate heritability. High heritability coupled with high genetic advance for grains/spike, biomass/plant and coleoptile length indicated the influence of additive gene action and consequently a likelihood of high genetic gain from phenotypic selection.