Studies on genetic gains in grain yield and other traits may be very useful in providing necessary information to plant breeders about the effectiveness of their breeding programs. The objective of this research was to analyze changes in grain yield, yield stability and morphological characteristics of maize hybrids released in Serbia between 1978 and 2011. Five hybrids, representatives of different breeding periods, were chosen for this study. Field trials were conducted during 2013 and 2014 at three locations in Serbia. The estimated genetic gain per breeding period was 440 kg ha -1 which corresponds to an approximate annual linear increase in yield of 63 kg ha -1 . Changes in morphological characteristics were presented graphically, compared to the reference value and defined by the third period of breeding. Plant and ear height, kernel row number, number of kernels per row and leaf number were reduced compared to the third breeding period. Kernel depth showed higher variation through periods while in other analyzed traits, major changes in value through the periods were not found. Stability analysis distinguished the hybrids from the sixth and seventh period of breeding as the most stable, whereas the most unstable were representatives of the fifth and third period. Changes in certain morphological traits and yield stability have led to an increase in the genetic potential of the hybrids most probably through the increased tolerance to biotic and abiotic stress factors.