Twenty cross combinations were made with 4 recessive glandless lines (gl2gl2 gl3gl3) used as females and 5 dominant glandless lines (Gl2eGl2e Gl3Gl3) used as male parents to estimate the genetic variance components of kernel oil and protein content of seeds, oil and protein index, and kernel index using a genetic model for parents, F2 and F3. The results showed that all the analyzed traits were mainly controlled by additive effects. Oil content was controlled mainly by maternal additive effect, and other traits by direct additive effect. The average heterosis of F2 over mid-parent based on population mean was -1.99% to 1.11% for all these traits. It suggests that little inbreeding depression exists for F2 and F3 seeds. There were 75% and 60% of the F2 and the F3 combinations in which open-pollinated seeds contained gossypol levels lower than 0.4 gkg-1. This result indicated that it is possible to screen and select high yielding F2 hybrids with a gossypol content lower than the regulated criterion and without lowering seed quality.