Twenty Spanish bunch groundnut genotypes were collected from Agriculture Research Station, Kadiri, Andhra Pradesh, along with the check TMV 2 were used to study their variability, heritability  and genetic advance as per cent of mean for nineteen characters viz., days to 50% flowering, SPAD chlorophyll meter reading (SCMR) at 40, 50, 60, 70 DAS and at maturity, days to maturity, number of mature pods per plant, biological yield per plant (g), pod yield per plant (g), biological yield per hectare (q), pod yield per hectare (q), harvest index, 100 kernel weight (g), shelling percentage, kernel yield per plant (g), kernel yield per hectare (q), oil content (%) and oil yield per hectare (q) during summer 2013 at Agricultural College farm, Bapatla. The results revealed that the highest PCV and GCV were observed for number of mature pods per plant. High heritability accompanied with high genetic advance as per cent of mean was recorded for  number of mature pods per plant, biological yield per plant (g), pod yield per plant (g), biological yield per hectare (q), pod yield per hectare (q), kernel yield per plant (g), kernel yield per hectare (q), 100 kernel weight (g) and oil yield per hectare (q) indicating the preponderance of additive gene action which might be exploited through simple selection procedures. The study revealed that the genotypes Abhaya and JCG 88 were better for further breeding from yield point of view.