The purpose of present study is to analyze the genetic variation of natural stand of Pinus densiflora. In 1975 following after the selection of 1974, twenty trees from each of three natural populations of the species were selected and their open-pollinated seeds were collected, and the locations and conditions of the populations ate presented in table 1, 2 and figure 1. Some morphological traits of the populations were already detailed in our second report of this series, in which Myong-Ju and Ul- Jin populations were regarded to be superior phenotypically to suweon population. The morphological traits of cone, seed and seed-wing, and also the growth performances and needle characters of the seedling were observed in the present study according to the previous methods. The results obtained are summarized as follows; 1. The meteorological data obtained by averaging the records of 30 year period (1931∼1960) measured from the nearest meteorological stations to each population are shown in fig.2, 3, 4. The distributional patterns of investigated climate factors are generally considered to be similar among the locations. However, the precipitation density during growing season and the air temperature during dormant season on Suweon area, population 6, were quite different from those of the other areas. 2. The measurements of fresh cone weight, length, diameter and cone index, i.e., length to diameter ratio are presented in table 7. As shown in table 7, all these traits except for cone diameter seem to be highly significant in population differences and family differences within population. 3. The morphological traits of seed and seed-wing are detailed in table 8, 9, and highly significant differences are recognized among the populations and the families within population in seed-wing length, seed-wing index, seed weight, seed-length and seed index but not among the populations in the other observed traits. The values of correlation coefficient between the characters of cone and seed are given in table 10 and the positive significant correlations can be observed in the most parts of the compared traits. 4. Significant statistical differences among populations and families within population are observed in the growth performances of 1-0 and 1-1 seedling height of these progenies. But the differences in root collar diameter are shown only among families within population. As shown in table 13, the most parts of correlations are not significant statistically between the growth performances of seedling and the seed characters. 5. The number of stomata row on both sides of needle and the serration density were measured in the seedlings from each of the families of the three populations. As shown in table 15, statistical differences are considered to be significant among the populations and among the families within population in serration density but not among the populations in stomata row on both sides of the needle. The results differ from those of the third report of this series. Even if one of the reason seems to be the diversity of selected populations, it could not be confirmed definitely. The correlations between progenies and parents are not generally observed in the investigated traits of needle as shown in table 16.