Groundnut is one of the important oilseed crop grown in India. The content and quality (fatty acid profile) of the oil determines its economic value, oxidative stability and nutritional quality. A recombinant inbred line (RIL) population comprising 147 lines were phenotyped for oil content, fatty acid profile of eight fatty acids, namely palmitic, stearic, oleic, linoleic, arachidic, eicosenoic, behenic and lignoseric acids and one derived trait for fatty acids (O/L ratio) for two seasons (Summer and kharif 2009). Analysis of variance revealed significant variation among the RILs, seasons and RILs x season interaction for all the ten traits. Genetic variability components revealed low magnitude of variation (PCV, GCV) with moderate heritability and lower genetic advance for oil content in individual seasons. All the oil quality parameters except O/L ratio and stearic acid content had low PCV and GCV with high to very high heritability coupled with low to moderate GAM in both the seasons. Across the seasons, there was reduction in values of components of variability indicating preponderance of G x E interaction for oil content; but a very slight reduction in the variability components indicating lesser role for G x E interaction was observed for fatty acid profile and O/L ratio. Positive correlation between seasons was observed for all the traits studied. Oil content showed positive correlation with eicosenoic acid, behenic acid and lignoseric acid and negative correlation with stearic acid in both the seasons. Negative correlation existed between oleic and linoleic acid, palmitic and oleic acid, O/L ratio and linoleic acid. Stearic acid had significant positive association with arachidic and behenic acid and is negatively correlated with eicosenoic and lignoseric acids. Eicosenoic acid had a positive correlation with lignoseric acid. Several RILs superior to the best parent were identified for different traits which could be utilized in future breeding programmes.