Forty-five F(1)'s obtained by crossing 10 different lines of groundnut in a diallel fashion were evaluated with parents and two check varieties viz.,TAG-24 and SB-XI in randomized block design with three replications and heterosis was estimated for 14 yield and yield related attributes. The analysis of variance revealed significant differences for all the characters, high variance was also depicted due to parents for all the traits, thus indicating substantial amount of genetic variability among the parents. Mean square due to hybrids (F(1)'s) was also significant for yield and its components, exhibiting the existence of real variability in the parental material used in present programme. The parent v/s. F(1)'s comparison indicated significance for all the traits revealing substantial amount of heterosis in hybrids. For dry pod yield, out of 45 hybrids, 34, 24 and 5 hybrids showed positive and significant heterosis, heterobeltiosis and economic heterosis, respectively. The hybrid GG-5 x GG-20 showed highest heterobeltiosis for dry pod yield, kernel yield and shelling per cent.