Abstract: Twenty two groundnut genotypes were evaluated in randomized block design (RBD) with two replications at AICRP on Groundnut, MPKV, Rahuri, Dist. Ahmednagar (M.S.) during summer,2011 to study the physiological analysis of growth and yield variation in groundnut genotypes. The observations on plant height, number of branches, leaves, leaf area, LAI, dry matter production and it’s distribution in component parts of plant, photosynthetic rate, transpiration rate, stomatal conductance, water use efficiency, stomatal frequency, chlorophyll content, protein and oil content and yield and yield contributing characters were recorded. The genotypes were significantly differed for seed yield. The highest dry pod yield was recorded by the genotypes ICG-8420, ICG-8473 and ICG-8506 due to significant favourable yield contributing characters like number of pods per plant, pod yield (g) and kernel yield (g) per plant, shelling percentage and harvest index.