To determine the phenotypic variation in 700 ten-year grafted Chinese fir collected from six provinces in southern China, 10 phenotypic traits were investigated: tree height, diameter at breast height, bark thickness, volume of timber, heartwood ratio, density of wood, hygroscopicity, tracheid length, tracheid diameter, and ratio of tracheid length to tracheid diameter. Abundant phenotypic variation was found among the six populations; the phenotypic variation coefficients all exceeded 10%, and the largest was for volume of timber. Significant variation (p < 0.01 or 0.05) in traits was found among the populations, except for diameter at breast height, heartwood ratio, and tracheid diameter, while all traits differed significantly (p < 0.01) within populations. The high value of repeatability (broad-sense heritability) suggested moderate genetic control of the traits. The 10 traits were strongly correlated within the entire population; strong positive correlations (p < 0.01) were observed between growth traits, and significant negative correlations (p < 0.01 or 0.05) were found between the density of wood and most other characteristics, except for heartwood ratio and ratio of tracheid length to tracheid diameter. Using diameter at breast height and density of wood as criteria, 98 relatively fast-growing genotypes with relatively high wood basic density were identified.