A set of diallel crosses involving 10 parents was made to have information on the extent of heterosis over mid-parent and better parent and inbreeding depression for yield and yield contributing characters under three different environments. Marked heterobeltiosis for grain yield and its important components were observed. For grain yield, 83 crosses showed significant positive heterobeltiosis in all the three sowing dates, however, twenty crosses showed significant consistent heterobeltiosis for grain yield per plant over all the three environments. The maximum heterobeltiosis for grain yield per plant observed was 50.94% (Raj 3765 x HD 2285), 121.08% (PBW 373 x HD 2329) and 93.96% (PBW 373 x HD 2329) under early, normal and late sowing conditions, respectively. Cross PBW 373 x HD 2329 in both early and normal plantings and cross Raj 3765 x HD 2285 under late planting were observed most heterotic for grain yield. The crosses showing heterosis for grain yield were not heterotic for all the characters. Heterosis for grain yield per spike followed by tillers per plant and 1000-grain weight was independently associated with heterosis for grain yield in early and normal plantings. However, heterosis for grain yield per spike, dwarf plant height and tillers per plant contributed maximum towards yield heterosis. Significant inbreeding depression was recorded frequently for yield and yield contributing traits, however, in a few traits it was observed significant negative indicated that F(2) was superior to F(1) considered desirable combination for trait(s). The study reveals good scope for commercial exploitation of heterosis as well as isolation of pure lines among the progenies of heterotic F(1) for improvement of yield levels in bread wheat.