We compared the photosynthetic characteristics in relation to yield of two F1 cotton hybrids(Shiza 2-F1 and Xinluzao 43-F1), their parental lines(NT2, H2 and 4-14) and their F2 descendants at different growth and development stages. The two F1 exhibited heterobeltiosis in net photosynthetic rate(Pn) by 8.1-52.1%, canopy apparent photosynthetic rate(CAP) by 8.2-57.6% and canopy respiration rate(CR) by 3.0-78.7% during the growing season. They also exhibited mid-parent heterosis by 2.0-5.2% in leaf chlorophyll content(SPAD) during the late growth and development stages. Regression analysis showed that both parents contributed to increase in Pn, SPAD and CAP in the F1. A low CR in the F1 matched a low CR of the parental line. Photosynthetic characteristics in the F2 were mainly dependent upon the magnitude and degeneration rate of the F1. Mid-parent heterosis in CAP and in CR during the late growth and development stage reduced the degeneration of the F2. Average dry matter accumulation was 10.7-34.7% higher in the parental lines of Xinluzao 43-F1 than in the parental lines of Shiza 2-F1. Heterobeltiosis in dry matter accumulation was 7.0-23.1% greater for Xinluzao 43-F1 than for Shiza 2-F1. Dry matter accumulation in the F1 was affected by either the dry matter accumulation of parents or heterobeltiosis. Dry matter accumulation in the F2 was mainly influenced by dry matter accumulation in the F1. The yields of the two F1 were 39.1-46.3% higher than their respective parents and 26.4-45.9% higher than that of the conventional cultivar Xinluzao 33. The yields of the two F2 were 9.2-12.8% higher than the parents and 14.9-27.4% higher than that of Xinluzao 33. The photosynthetic production and yield of the F1 and F2 were higher than that of their parents. The increases in Pn and CAP of the F1 and F2 were dependent on the photosynthetic characteristics of their parents. It is thus concluded that the photosynthetic performance, light use efficiency and yield of the F1 can be improved by using at least one parent with low CR, but high CAP, Pn and SPAD. This strategy might also improve the value of the F2. We compared the photosynthetic characteristics in relation to yield of two F1 cotton hybrids (Shiza 2-F1 and Xinluzao 43-F1), their parental lines (NT2, H2 and 4-14) and their F2 descendants at different growth and development stages. The two F1 launched heterobeltiosis in net photosynthetic rate (Pn) by 8.1-52.1%, canopy apparent photosynthetic rate (CAP) by 8.2-57.6% and canopy respiration rate (CR) by 3.0-78.7% during the growing season. -parent heterosis by 2.0-5.2% in leaf chlorophyll content (SPAD) during the late growth and development stages. Regression analysis showed that both parents contributed to increase in Pn, SPAD and CAP in the F1. A low CR in the F1 matched a low CR of the parental line. Photosynthetic characteristics in the F2 were mainly dependent upon the magnitude and degeneration rate of the F1. Mid-parent heterosis in CAP and in CR during the late growth and development stage reduced the degeneration of the F2. Average dry matter accumulation w as 10.7-34.7% higher in the parental lines of Xinluzao 43-F1 than in the parental lines of Shiza 2-F1. Heterobeltiosis in dry matter accumulation was 7.0-23.1% greater for Xinluzao 43-F1 than for Shiza 2-F1. Dry matter accumulation in the F1 was affected by either the dry matter accumulation of parents or heterobeltiosis. Dry matter accumulation in the F2 was primarily characterized by dry matter accumulation in the F1. The yield of the two F1 were 39.1-46.3% higher than their respective equivalents parents and 26.4-45.9% higher than that of the conventional cultivar Xinluzao 33. The yield of the two F2 were 9.2-12.8% higher than the parents and 14.9-27.4% higher than that of Xinluzao 33. The photosynthetic production and yield of the F1 and F2 were higher than that of their parents. The increases in Pn and CAP of the F1 and F2 were dependent on the photosynthetic characteristics of their parents. It is therefore said that the photosynthetic performance, light use efficiency and yield of the F1 can beimproved by using at least one parent with low CR, but high CAP, Pn and SPAD. This strategy might also improve the value of the F2.