To utilize heterosis and combining ability for grain yield and its attributing traits along with three physiological traits viz., leaf area index, chlorophyll fluorescence and chlorophyll content in bread wheat (Tritium aestivum L.) the crosses were attempted during rabi, 2019-20 in a half diallel mating scheme among 8 wheat varieties and the study was carried out during rabi, 2020-21 at Block No. D-13 field of Mahua block, Simradha research farm, Rani Lakshmi Bai Central Agricultural University, Jhansi. Analysis of variance showed significant differences for treatments. Based on per se performance the hybrids NW 5054 x PBW 723 (23.3 g), and HI 1544 x NIAW 34 (23.14 g), were identified for the higher grain yield. The hybrid HI 544 x NIAW 34 (18.41 %) was identified as the best heterotic cross for grain yield per plant and its component traits. The hybrids HI 1544 x NIAW 34 (3.40) and HI 1544 x GW 322 (2.76), as well as the parents HD 3086 (21.85) and PBW 723 (20.68), were identified as superior economic hybrids and parents based on SCA/GCA effects, per se performance for grain yield per plant, and its component trait in bread wheat. Days to heading, flag leaf length, biological yield per plant, harvest index, number of grains per spike, 1000 grain weight, spike length, leaf area index, chlorophyll fluorescence, and chlorophyll content were all positively correlated with grain yield per plant.