Abstract Dipteryx alata Vog. presents an excellent economic potential because of its multiple uses. However, it is currently threatened as a result of the degradation of the biome in which it occurs, the Brazilian Cerrado. Therefore, our goal was to provide subsidies for future breeding and ex situ conservation programs of D. alata. We evaluated genetic variation in growth, stem form, and wood quality traits in a progeny and provenance test planted in a random complete block design. The traits were measured in 37-year-old trees. Significant effect for provenance was obtained for all evaluated traits except bifurcation, but progeny effect was significant only for acoustic wave velocity (AWV). The estimates of individual narrow sense heritability were of low magnitude for all traits except AWV (0.24 ± 0.09). Eleven groups were formed based on Mahalanobis genetic distance with 83.1% of progenies allocated to one group. Dipteryx alata has genetic variability between progenies and provenances that can be explored to obtain genetic gain, especially for AWV. We also recommend the use of multi-trait selection index to obtain gains for both growth and wood quality traits. Controlled pollination between individuals from different progeny groups would increase variability in next generation breeding.