Allotetraploid species of cotton (Gossypium) represent a model system for the study of plant polyploidy, molecular evolution and domestication. In this study three high-quality draft assemblies of tetraploid cottons are presented, comprising one early form of domesticated Gossypium hirsutum (AD1-genome, Gh), i.e., Gossypium hirsutum race punctatum (GhP), and two recently described wild species of tetraploid cotton, G. ekmanianum (AD6, Ge) and G. stephensii (AD7, Gs). Using comparative phylogenomics, we confirm a monophyletic origin of tetraploid Gossypium and provide a dated whole-genome level perspective for the evolution of the clade. Recombination and patterns of selection are asymmetric between the two co-resident genomes in the allopolyploid nucleus. Considerable gene structural variation occurs widely within homoeologous genomes and between heterologous genomes during evolution and domestication. Despite few large-scale chromosomal structure variations among tetraploid cotton, frequent homoeologous exchanges between subgenomes in all species have contributed to diversity and asymmetrically between subgenomes. Abiotic and biotic adaptive evolution was driven by various evolutionary forces, leading to transcriptome change and gene family expansion. Our study marks a milestone in modern polyploid crop research, completing genome sequencing for all species of polyploid Gossypium, and will facilitate a better understanding of the genomic landscape and crop improvement dynamics of polyploids.