Faba bean, a globally important pulse, offers genetic variation for plant breeders, although information on this variability is scarce in Ethiopia. Therefore, the study was conducted to assess the genetic variability and association between yield and yield components of genotypes at the Debre Tabor research site using 49 genotypes with 7 x 7 simple lattice designs. Analysis of variance revealed that there were highly significant differences among forty-nine genotypes for all studied traits (days to flowering, days to maturity, grain filling period, number of branch, plant height, pod per plant, seed per pod, biomass yield, harvest index, hundred seed weight, chocolate spot and seed yield). High GCV and PCV was observed in pod per plant and chocolate spot both at genotypic and phenotypic level including number of branch at phenotypic level. Moderate to high heritability estimates were observed in all studied traits. A high genetic advance in percent of mean was observed in the number of branches per plant, the number of pods per plant, grain yield, seed weight, and chocolate spot. The study found that pod per plant, harvest index, and biomass yield all have a significant correlation with grain yield, with biomass yield and harvest index having the most positive effects. Path coefficient analysis showed biomass yield and harvest index exerted the highest positive direct effect on grain yield at genotypic and phenotypic levels. The faba bean genotypes were grouped into six clusters, with the highest inter-cluster distance in clusters III and VI (365.76), and PCA explaining 72.53 percent of the total variation. The study found that the ET 07013-1 and ET 07005-1 genotypes are potential for future breeding programs, but further experimentation across locations and seasons is needed. It is recommended to give much attention to traits with high heritability and GAM, which include the number of branches per plant, the number of pods per plant, grain yield, hundred seed weight, and chocolate spot. It is also important to consider biomass yield and harvest index, as they exert the highest positive direct effect on grain yield and crossing members of highly divergent clusters.