Six mungbean parental lines and their fifteen F1s produced from half-diallel mating design were investigated for combining ability and heterosis in terms of a yield and its components. Results showed highly significant variations among the parents and F1s, suggesting a wide genetic variability for the studied characters. Analysis of variance indicated that genotypes mean square values, general combining ability (GCA) and specific combining ability (SCA) were highly significant (p ≤ 0.001) for all measured traits except for days to flowering, days to maturity, and pod length indicating genetic diversity of parents and both additive and non-additive gene effects in the inheritance of the measured traits. A higher effect of SCA than GCA for plant height and seeds per pod suggests the preponderance of non-additive gene effects in the expression of characters. Based on per se performance and GCA, BARI Mung-1, PS-7, and BMXK1-14004 were the best general combiners for yield per plant. In the context of SCA, hybrids BMXK1-14004 × Sonali mung, BMXK1-14004 × PS-7, BMXK1-14004 × BINA Mung-8, Sukumar × PS-7, and BARI Mung-1 × BINA Mung-8 were good specific combiners. BMXK1-14004 × Sonali mung and BMXK1-14004 × PS-7 were the best heterotic hybrids for yield and yield-contributing traits. These parents and crosses could be utilized for further use in breeding programs to improve yields in mungbean crops.