Wild species of the genus Oryza are a good source of beneficial alleles for enhancing rice yield under normal and adverse conditions. $Bc_2F_3$ population was derived from a cross between Oryza sativa IR58025B and Oryza meridionalis Ng. (2n = 24, AA) a heat tolerant wild species to evaluate 12 yield traits under irrigated and aerobic conditions. Analysis of variance and genetic estimates indicated there is substantial genetic variation among progenies under both conditions. Grain yield had high heritability (61.9%) and genetic advance (36.4%) under irrigated conditions but moderate heritability (49.6%) and genetic advance (13.3%) under aerobic conditions indicating that selection for yield will be effective under both conditions. Panicle number, grain number, spikelet fertility, and test weight showed significant positive correlation with grain yield under both conditions. Families out-performing IR58025B for yield under both conditions were obtained providing evidence that phenotypically inferior O. meridionalis contributed to yield increase. This species can be a novel source of natural genetic variation for the improvement of rice under irrigated as well as under aerobic condition.