In order to study the variation of fatty acid and seed protein content in soybean seeds and also study the correlated morphological and phonological traits through path analysis and factor analysis, 25 genotypes were evaluated using latis square design with the experiment being carried out in Baieakola Agricultural Research Station, Mazandaran Agricultural Research Center during 2001. Twenty agronomic and 8 quality traits were assessed. The variation between the genotypes was significant for all traits. In estimation of the simple correlation between traits, oleic acid percentage positively correlated with seed length, 1000 grain weight and oil percentage but was negatively correlated with linoleic and linolenic acid percentage as well as leaf area. Linolenic acid indicated negative correlation with plant yield, 1000 grain weight and linoleic acid percentage but was positively correlated with palmitic acid percentage. In stepwise regression analysis, with oil percentage as dependent variable, 6 variables remained in regression model (R2=95%). In path analysis, oil+protein percentage, leaf area and number of branches had a high positive direct effect on oil percentage. In factor analysis through varimax rotation, 9 factors were identified with oleic acid percentage accompanied with seed length and 1000 grain weight lying in factor 2. With due attention to significant factor coefficient of palmitic acid into seed size factor as well as negative correlation between palmitic acid percentage and 1000 grain weight, emphasis is made on relation of quality traits and seed size. So 1000 grain weight can be used in breeding for soybean oil quality.