To define breeding strategies, the understanding of trait inheritance is critical. The objective of this study was to determine the inheritance of popcorn under different water regimes. To this end, Hayman’s diallel methodology was used, with 8 parents and 28 hybrids. The experiment was carried out under well-watered conditions (WW) and water stress (WS). For popping expansion (PE) under both water regimes, the effects of complete dominance and greater importance of the components associated with the dominance effects were observed. In contrast, the number of dominant genes was zero and the determination coefficient in the narrow sense was >50%; additive effects were also present. For the number of grains per row (GR), ear length (EL), and grain yield (GY) under WS and WW conditions, the dominance effects were the most relevant, and the mean degree of dominance with overdominance effects and greatest relevance of the components associated with this effect were also observed. The same breeding methods can be applied under the studied WS and WW conditions. Exploiting heterosis for GY and related components is a promising way to adapt popcorn to WS. To be able to capitalize on additive and dominance effects, a reciprocal recurrent selection is recommended.