The present study was conducted at the First of May Station belongs to the General Commission For Scientific Agricultural Research (GCSAR) at Damascus during 2011 and 2012 growing seasons to estimate gene action, heritability, genotypic and phenotypic coefficient variations (GCV, PCV) and genetic advance for two crosses of soybean. The five population (P1, P2, F1, F2, F3) of each cross were grown in a randomized complete block design (RCBD) with three replications in order to evaluate oil and protein contents and seed yield traits. Results of mean square analysis showed significant differences (p<0.05) among mean values of the five populations for all studied traits between the populations of each cross. The second cross achieved high broad and narrow sense heritability (66%, 44%) for protein content, high value of phenotypic and genotypic variations in seed yield in the second cross achieved (18.03,17.30) and high value of expected genetic advance was obtained 11.09%. In most traits, epistasis of the dominance × dominance type of gene action occupied the first rank in order of importance in controlling inheritance of the evaluate traits in both crosses indicating the importance of selection in late segregating generations to improve these traits. These findings are supported by high values of heritability, which was related with low to moderate expected genetic advance in two crosses.