Investigations are made with four tobacco varieties (3 oriental and 1 semi – oriental), with their six one – way F1 and the same number of F2 crosses to estimate dry mass yield per stalk and nicotine content in dry tobacco leaves. Crossings were made in 2010 and 2011 and the trial with sixteen varieties (parents and hybrids) was set up in 2012 and 2013 in the field of the Tobacco Institute – Prilep, using randomized block design with four replicates. Common agricultural practices were applied during the growing season. The aim of the investigations was to study the genetics of inheritance of dry yield and nicotine content in dry leaves through analysis of the components of genetic variance, in order to obtain reliable directions in the selection of new higher – yielding and low – nicotine tobacco genotypes. The prevailing mode for inheritance of yield was the intermediate, and for nicotine it was partial dominance, followed by the intermediate mode. In some combinations heterotic effect for nicotine content was observed. In both generations and for both traits, the additive genetic component had higher values than the dominant one (with the exception of F1 generation for the inheritance of nicotine, in which both components had equal effect), indicating that a major part of genetic variance is governed by the additive gene action. The interaction shows that in both F1 and F2 generations the genes of the parent with lower nicotine content are overdominant. In F1 genes of the parent with lower yield, and in F2 those of the parent with higher yield are prevailing. The ratio between dominant and recessive alleles indicates the dominance of the latter. The heritability values point to the limited impact of environmental factors, which means that yield and nicotine are highly heritable traits