Improving fiber quality properties of cotton is important for increasing the efficiency of manufacturing textiles, including enhancing yarn quality and spinning performance. This study was conducted to determine if we could identify valuable cotton cultivars to use as parents in breeding programs with the goal of improving fiber properties. Seven parents were combined in a diallel design and selfed to obtain 21 F2 populations. Positive general and specific combining ability effects were observed for all traits. General combining ability tended to be larger than specific combining ability, indicating these traits are controlled primarily by additive genetic effects. Correlations among traits were generally positive except for lint yield correlations with fiber strength and length. For improving the fiber quality measures of strength and length, line 7235 shows excellent general combining ability effects. SG125 would provide elite germplasm to increase agronomic measures of lint yield and lint percent. The MD51 genotype has the highest potential among the genotypes tested here to provide germplasm combining both improved yield and fiber strength. These parents, or their selected progeny, should be useful in a breeding program to generate variability from which selection can be used to identify lines with improved fiber and/or agronomic properties.