Ocimum gratissimum L. (Lamiaceae) is a valuable medicinal and aromatic plant that has several important pharmacological properties. The present investigation aims to assess the variability available within the population corresponding to twenty-three characters at four levels of plant spacing. Significant differences among the treatment levels were observed for most of the traits in the population of O. gratissimum evaluated in the study. Higher observations for all the genetic parameters were recorded for total number of branches, stem diameter (cm), live plants, total plants/bed, dead plants, mortality (%), herb weight for oil, recovery (%) herb oil, recovery(%) herb + flower, herb_Germacrene-D (%), herb_z-b-Ocimene (%) and inflo_Germacrene-D (%) revealing the importance of these traits in phenotypic selection against varying plant densities. Out of all the levels of plant spacing treatment, 0.50 m×0.50 m came out to be best suited for optimum production of eugenol as well as germacrene-D in both herb as well as inflorescence.