Spikelet and vascular bundle development in rice panicles is considered to be the important elements in determining the genotype's yield capacity and translocation ability of assimilates into grains, respectively. This study was conducted to clarify the varietal differences of the spikelet and vascular bundle formations among three rice cultivars; Iksan 435 (japonica), Dongjinbyeo (japonica) and Namcheonbyeo (Tongl-type). Iksan 435 had more primary rachis branches (PRBs), secondary rachis branches (SRBs) and spikelets per panicle than Dongjinbyeo, but less than Namcheonbyeo. Among three cultivars, Namcheonbyeo showed the highest spikelet number per panicle which were differentiated SRBs mainly on PRBs of lower rachis nodes. And Namchenbyeo showed the highest number of large vascular bundle (LVB) as well as small vascular bundle (SVB) and it displayed the largest diameter of LVB. Between the two japonica cultivars, the numbers of LVBs end SVBs were significantly higher in Iksan 435 than those in Dongjinbyeo. The PRBs to LVBs ratio of Namcheonbyeo was twice as large as those of Dongjinbyeo and Iksan 435. These results indicate that the newly bred cultivar, Iksan 435, has improved yield capacity by increasing the number of especially rachis branches and spikelets formation as well as 1,000 grain weight, compared to other former japonicas