Oleaster (Elaeagnus angustifolia L.) has high pharmaceutical and nutritional values that can be widely used in the food-drug industry. In the current investigation, morphological characterization of naturally grown genotypes of this species was carried out. Most of the characters measured showed meaningful differences among the genotypes selected. Fruit fresh weight ranged between 0.46 and 3.25 g with an average of 1.33, while fruit dry weight varied between 0.38 and 3.05 g with an average of 1.16. There were large variations among the genotypes based on fruit skin color such as yellow, yellow-brown, brown, and orange. Fruit fresh weight was significantly and positively correlated with tree growth vigor, leaf length, and fruit dimensions. Principal component analysis (PCA) showed that the traits measured were subdivided into 14 independent components that could explain 72.19% of total variance and fruit size-related traits were most important in distinguishing the genotypes. Cluster analysis showed that the genotypes were divided into two main clusters. The accessions studied showed considerable diversity based on morphological and pomological characterizations. In terms of the traits related to fruit quality, 20 genotypes were promising for cultivation or use in breeding programs. The obtained data allowed the selection of conservation strategies, genetic improvement, and crop production.