Drought is the most divesting one and the most recalcitrant abiotic stress to the breeder's effort. In its different forms, it is the source of one third of the yield losses from technical constraints for rice in Eastern India. The present study was undertaken to carry out the genetic analysis of 45 rice genotypes, which included advanced breeding material and standard checks during kharif 2011 for drought tolerance, and to find out the association of different morpho- physiological traits with grain yield under managed different levels of water stress conditions. The mean performance of three environmental conditions indicates substantial reduction in yield under rainfed condition and terminal stage drought condition.