Heterosis and heterobeltiosis were estimated in Pearl Millet in 40 crosses involving 5 females and 8 males. The results revealed that the magnitude of heterosis varied from cross to cross for all the characters studied. The hybrid 842A x PMIN87-65 exhibited the maximum heterosis for grain yield (160.20%) followed by 843A x PMBDN-29 (113.70%) and 842A x PMBDN-1 (104.61%). Heterosis ranged form -26.42 to 65.03% for fodder yield. Eleven hybrids expressed significant heterosis for both grain and fodder yield. The hybrids 842A x IP-12993. 842A PMIN-87-65, 843A x PMBDN-1, 843A x PMBDN-29 and 863A x PMBDN-12993 showed significant heterosis for all the desirable characters such as plant height, basal tiller/plant, ear length, grain and fodder yield.