Panicle phenotyping is most demanding targets in crop breeding programs as panicle is an important plant parts that influences the grain yield. Diversity of panicle traits were analyzed in 20 traditional finger millet genotypes and three hybrid varieties from Koraput valley of Eastern Ghats. Significant difference of panicle characteristics like panicle length, panicle number, panicle weight, flag leaf area, panicle angle and grain yield were observed in experimented finger millet genotypes. In regards to principal component analysis, the first two axis of principal component obtained 52.97% of total variation and reflected huge difference between explored genotypes. Highest positive loading was observed for leaf weight followed by panicle number, panicle weight and panicle length and leaf area and are the major determinant for phenotypic variability. All the studied traits showed maximized phenotypic coefficient of variation (PCV) over genotypic variation (GCV) and lower differences found among them. The genotypes showed maximum broad-sense of heritability value for grain yield (82.27%) and panicle weight (75.96%) compared to other traits. In addition, genetic advance as mean% (GAM) ranged from 11.01–29.26% and high GAM was recorded for panicle angle, leaf area, panicle weight, panicle number and yield. It revealed that these characters can be used as selection criteria in crop improvement program for improving grain yield. Traditional finger millet genotypes such as Bhadi, Murda, Telgu and Chilli recorded superior panicle traits and Limca and Kalia showed better grain yield at par with the hybrids, which can be utilized in future crop improvement program.