The present study was conducted with the objectives to estimate genetic parameters in M3 generation of soybean. The experiment was conducted at the farm of Agricultural Botany Section, College of Agriculture, Nagpur during kharif 2017 in M3 generation. 62 mutants along with two checks (TAMS-38 and JS-335) were evaluated in M3 generation in three replications of which only 20 survived. Data were recorded on germination percentage, mortality percentage, days to flowering, days to maturity, plant height, number of branches plant-1 , number of pods plant-1 , 100 seed weight and grain yield plant-1 . Genetic parameters estimated revealed that seed yield plant-1 , number of pods plant-1 , number of branches plant-1 , 100 seed weight, plant height, days to flowering and days to maturity where the characters influenced by additive gene action as they exhibited high genotypic coefficient of variation, moderate to high heritability along with high genetic advance as percentage of mean. Hence, those characters were identified for selection of better individual mutant from the progenies.