Present study was performed to analysis both physical and chemical properties of rice germplasm and heritability for yield components in combinations. A total of 44 lines/varieties obtained from Cuu Long Rice Research Institute genebank, and 30 F1 generation combinations were evaluated. The results showed that the rice line IR79008-B-11-B-B-1 showed overall good physical characters (head rice, grain length, grain width, chalkiness). In terms of chemical characteristics, three varieties IR75499-73-1-B, OM6162, and OM4900 were found to have good amylose content, gel consistency, protein content, gelatinization temperature, and aroma. A very notable finding was that the cross between OM6162/SwarnaSub1 that low amylose content (20.2%), high gel consistency (78.2 mm), high protein content (8.1%), appropriate gelatinization temperature (scale 5), low chalkiness (level 0), high heritability (0.9) for grain yield trait/cluster, and (0.84) for the number of panicles/cluster. Moreover these characters consist of plant height, panicle length, number of panicles/cluster, number of filled grains/panicle, number of unfilled/panicle, and grain yield/ cluster showed moderate to high heritability of mean for combination OM6162/SwarnaSub1. The results suggest that the grain yield trait/cluster and the number of panicles/cluster are important yield contributing traits to rice breeders for selecting ideal combinations for higher yield and quality of next generations.