Four varieties of common vetch, including three improved varieties (Lanjian No. 1, Lanjian No. 2, and Lanjian No. 3) and one local variety (333A), were evaluated for varietal variations in grain yield, straw yield and straw quality attributes on the Qinghai-Tibetan Plateau. Crops were harvested at pod maturity to determine grain yield, straw yield, harvest index, and potential utility index (PUI). Straw quality was determined by measuring chemical composition, carbohydrate and protein fractions, in vitro gas production and in situ ruminal degradability. Results showed a significant effect (p < 0.01) of variety on the grain yield [875.2–1255 kg dry matter (DM)/ha], straw yield (3154–5556 kg DM/ha), harvest index (15.6–28.7%) and PUI (53.3–63.2%). Variety also had a significant effect on chemical composition, carbohydrate and protein fractions (p < 0.05) except non-structural carbohydrates and rapidly degradable sugars. Significant differences (p < 0.05) were observed among the varieties in potential gas production [188–234 mL/g DM], in vitro organic matter (OM) digestibility (43.7–54.2% of OM), and metabolizable energy (6.40–7.92 MJ/kg DM) of straw. Significant differences (p < 0.001) were also observed among the varieties in rapidly degradable DM fraction and effective DM degradability of straw; however, no difference was observed in other DM degradation parameters and neutral detergent fiber degradation parameters. In conclusion, based on straw yield and quality, Lanjian No. 1 has the greatest potential among the tested varieties as a crop for supplementing ruminant diets for smallholder farmers on the Qinghai-Tibetan plateau.