Soybean is a multipurpose leguminous oil crop with high grain nutritional and industrial value. However, the crop has a narrow genetic base in Ethiopia, which makes it susceptible to different diseases, insects, and abiotic stresses. Therefore, the research was initiated to evaluate genetic variability, and trait association, with one hundred fifty soybean genotypes in a 10x15 alpha lattice design with two replications at the Pawe Agricultural Research Center during the main cropping season of 2023. Data analyses were don SAS 9.4 version software. The result of analysis of variance revealed highly significant different (P<0.01) among genotypes for most studied traits and significant different (P<0.05) among genotypes for number of branch per plant. The result of phenotypic coefficient of variation values varied from 2.56% for protein content to 51.84% for loading, while genotypic coefficient of variation values ranged from 1.70% for protein content to 44.96% for lodging. High heritability coupled with high genetic advance as percent of mean was recorded for days to flowering, number of pods per plant, days to maturity, oil yield, biomass yield, number of seeds per pod, grain yield, plant height, and hundred seed weight, indicating the possibility of improving these traits through direct selection. Grain yield showed positive and highly significant phenotypic and genotypic correlation coefficient with days to flowering, days to maturity, plant height, pods per plant, seeds per plant, hundred seed weight, and biomass yield. The divergence analysis grouped the 150 genotypes into seven distinct clusters based on 19 traits. The maximum inter cluster distance was observed from cluster VI and cluster VII (D 2 = 547.84) followed by cluster V and cluster VI (D 2 =386.76). Largest cluster distance indicated that the existence of large variability among the genotypes with in that cluster. The principal component analysis revealed that the five PCA with Eigen values of greater than one accounted for 69.27% of the total variation. Generally, the present study indicated existence of reasonable variability among genotypes, and this variability shall be exploited for future soybean improvement program.