We evaluated the performances of three BLUP and five Bayesian methods for genomic prediction by using nine actual and 54 simulated datasets. The genomic prediction accuracy was measured using Pearson’s correlation coefficient between the genomic estimated breeding value (GEBV) and the observed phenotypic data using a fivefold cross-validation approach with 100 replications. The Bayesian alphabets performed better for the traits governed by a few genes/QTLs with relatively larger effects. On the contrary, the BLUP alphabets (GBLUP and CBLUP) exhibited higher genomic prediction accuracy for the traits controlled by several small-effect QTLs. Additionally, Bayesian methods performed better for the highly heritable traits and, for other traits, performed at par with the BLUP methods. Further, genomic BLUP (GBLUP) was identified as the least biased method for the GEBV estimation. Among the Bayesian methods, the Bayesian ridge regression and Bayesian LASSO were less biased than other Bayesian alphabets. Nonetheless, genomic prediction accuracy increased with an increase in trait heritability, irrespective of the sample size, marker density, and the QTL type (major/minor effect). In sum, this study provides valuable information regarding the choice of the selection method for genomic prediction in different breeding programs.