The fruits of oleaster (Elaeagnus angustifolia L.) are rich in nutritional value and contain protein, sugar, vitamins, and minerals. The present investigation was performed to evaluate the morphological variability of the naturally grown accessions of this species. There was considerable variation among the accessions based on all the traits measured. The range of fruit weight was from 0.32 to 3.04 g, with an average of 1.48. Fruit yield was significantly and positively correlated with tree growth vigor, canopy density, branching, branch density, and leaf density. Principal component analysis (PCA) indicated nine components of data accounted for 74.93% of the total variance. Ward cluster analysis using Euclidean distance classified the accessions into two main clusters and showed significant differences among the accessions studied. Among the area studied, 14 accessions showed the highest value of fruit quality-related characters, which are suitable for fresh consumption and health benefits. The results provided important information useful for selecting the preferred accessions for commercial cultivation and breeding programs.