The faba bean (Vicia faba L.) is a major legume crop; thus, it is important to apply various biometrical techniques to develop the most efficient breeding procedures to face biotic and abiotic stressors. During the four consecutive winter seasons of 2017–2021, five populations of five faba bean hybrids were studied at Sakha agricultural research station in Egypt. Five basic generations, including two parents (P1 and P2) and the first, second, and third generations, were studied. This analysis found significant variations between generations in all attributes studied in all crosses (P1, P2, F1, F2, and F3). Sakha 4 was the earliest parent (138 days) based on the maturity date, whereas Giza 40 had the most significant number of pods and seeds per plant (25.68–78.94), and Giza 716 had the tallest plant height (124.00 cm). Giza 843 and Sakha 4 had the highest seed yield per plant values (62.84 g and 61.77 g). The data demonstrated highly substantial heterosis in the favorable direction over mid and better parents for all features, except for the number of branches in Cross 3 (Giza 40 × Giza 843) over mid and better parents and a maturity date in Cross 1 over mid parents. Contrarily, opposite-direction dominance and dominance × dominance effects increased narrow-sense heredity. Broad-sense heritability values for all examined characteristics were high in all crosses, ranging from 90.24% to 97.67%. In both Crosses 5 (Giza 716 × Qahera 4) and 3, genetic advance through selection ranged from 1.73% at the maturity date to 95.12% for seed yield per plant. Cross 3 (Giza 40 × Giza 843) had the greatest number of branches, pods, and seeds per plant. In conclusion, this study advances our understanding of employing faba beans in breeding programs.