The present study was carried out to analyze genetics for yield and drought related parameters in mungbean under irrigated and moisture stress conditions. Seven mungbean genotypes which were evaluated in earlier season under moisture stress condition were crossed in half diallel fashion. The resulting 21 F1 hybrids and their parents were evaluated under two water regimes viz., irrigated and moisture stress condition. Three parents MGG 347, MGG 351 and LGG 460 under irrigated condition and four parents MGG 347, MGG 351, LGG 460 and LGG 528 under E2 were identified as good general combiners for seed yield per plant along with one or two drought related parameters. The F1 hybrids, MGG 347 × LGG 460 and MGG 351 × LGG 528 under irrigated condition; MGG 347 × VG 6197A under moisture stress condition and MGG 347 × MGG 351, MGG 347 × LGG 528, MGG 351 × LGG 460 and LGG 528 × KM 122 under both conditions were identified as desirable specific cross combinations as these exhibited significantly high SCA effects for seed yield per plant along with one or few drought related parameters in desirable direction. Hence, these crosses might be further utilized in breeding programmes to isolate desirable segregants suitable for irrigated (E1) as well as moisture stress (E2) conditions. As predominance of non-additive gene effects were expressed in these crosses intermating approach followed by selection in their later segregating generations can be practiced for isolation of high yielding lines with drought tolerance. Further, six generations (P1, P2, F1, F2, B1 and B2) of three crosses viz., MGG 347 × MGG 351, MGG 351 × LGG 460, LGG 460 × LGG 528 each cross were evaluated by adopting the six-parameter model of generation mean analysis. Although both types of additive and dominance effects were involved in the control of the studied traits but additive effects were important in all the three crosses for SCMR, relative injury, chlorophyll stability index and seed yield per plant under both irrigated and moisture stress condition whereas, predominance of dominance effects for specific leaf area and relative water content in two crosses namely MGG 347 × MGG 351 and MGG 351 × LGG 460. It was evident that duplicate type of epistasis was common for most of the traits and thus limiting the pace of progress through selection. As additive and non-additive effects were important in controlling studied traits, the recurrent selection followed by pedigree breeding could be useful in improving drought tolerance in mungbean.