This study was carried out to evaluate the yield performance and stability of rice genotypes across three environments representing different agro-ecological zones of southwest Nigeria. Genetic variation and yield stability assessment for components of yield and morphological traits among sixteen lowland rice genotypes were investigated at three locations namely Akungba, Akure and Okitipupa during the rainy seasons of 2013, 2014 and 2015. The experiment was conducted in a randomized complete block design (RCBD) replicated three times, a plot size of 10m x 10m and spacing of 20cm x 20cm was adopted to make a total plant density of 250,000 stands/ha. Cultural operations which include weeding, fertilizer and pesticide applications were carried out as appropriate. Data were collected on plant height, number of tillers per hill, effective tillers, tiller without panicle, flag leaf length, panicle length, panicle weight, number of grains per panicle, number of spikelets per panicle, one thousand grains weight, grain length, grain width, number of days to panicle initiation, number of days to maturity and grain yield per hill. WITA 4 was highly unstable and poor yielding whereas FARO 57, NL 9, MRQ 74 and WITA 4 are highly stable but were lower in yield. MR 269 was the least stable genotype.