Abstract: To clarify the effects of yield components on the yield of Guzaozhan rice and identify the core limiting factors, based on the regional trial data of the Fujian Xiangfeng Consortium of Research Institutions and Enterprises, variance analysis, coefficient of variation analysis, correlation analysis, and path coefficient analysis were conducted on the yield of Guzaozhan and its effective panicle number, total grains per panicle, seed-setting rate, and 1000-grain weight.The results showed that: interannual differences in grain yield and yield components of Guzaozhan were small; location effects on grain yield and 1000-grain weight were highly significant, and the effect on total spikelets per panicle was significant; no significant year × location interaction was detected; total spikelets per panicle exhibited the largest coefficient of variation and showed a significant correlation with grain yield; further path analysis indicated that total spikelets per panicle contributed most to grain yield, with a direct path coefficient of 0.637, which was statistically significant; the contribution of each factor to grain yield ranked as follows: total spikelets per panicle ＞ 1000-grain weight ＞ effective panicles ＞ seed-setting rate; and the four factors influenced and constrained one another, displaying pronounced source–sink compensation that jointly maintained yield stability. In conclusion, cultivation of Guzaozhan should prioritize the formation of spikelets per panicle and the increase of grain weight, and on this basis achieve sufficient panicle number and higher seed-setting rate, so as to realize the coordinated development of all four factors and fully exploit the yield potential of this variety.