Heritability estimates are useful to predict genetic progress among offspring when the parents are selected on their performance, but they also provide information about major changes in the amount and nature of genetic variability through generations. Genetic and phenotypic correlations, on the other hand, are useful for better planning of selection programs. In this research, seedlings of 39 families resulting from crosses among 27 peach [Prunus persica (L.) Batsch] cultivars and selections were evaluated for date of full bloom (DFB), date of ripening (DR), fruit period development (FDP), flower density (FD), node density (ND), fruit density (FRD), fruit weight (WT), soluble solids content (SS), apical protuberance (TIP), red skin color (BLUSH), and shape (SH) in 1993 and 1994. The data were analyzed using the mixed linear model. The best linear unbiased prediction (BLUP) was used to estimate fixed effects and predict breeding values (BV). Restricted maximum likelihood (REML) was used to estimate variance components, and a multiple-trait model to estimate genetic and phenotypic covariances between traits. The data indicates high heritability for DFB, DR, FDP, and BLUSH, intermediate heritability for WT, TIP, and SH, and low heritability for FD, ND, FRD, and SS. They also indicate year effect as a major environmental component affecting seedling performance. High correlation estimates were found between some traits, but further analysis is needed to determine their significance.