Camelina sativa (L.) Crantz or camelina is a novel alternative oilseed crop suitable for biofuel, food, and industrial chemical applications as well as sustainable agricultural practices. Our study examined the natural variation in several quantitative traits of 23 accessions representing camelina and four crop wild relatives (CWRs) for taxonomic classification and breeding potential assessment within the Camelina genus. Linear discriminants analysis (LDA) identified C20:1 and C22:1 fatty acid traits as informative variables for discriminating eight taxonomic groups within this study with further support from permutational MANOVAs and Welch’s t-tests. Through documenting the patterns of natural variation observed, we determined that C. hispida Boiss. is a parental ancestor of the allohexaploid camelina. We then identified individual lines each of C. sativa (ID# S-239), C. hispida (ID# HG-240), and diploid C. microcarpa Andrz. ex DC. (ID# M2-246) as well as five C. rumelica Velen. accessions for development in the aforementioned applications, respectively.