Iron and zinc deficiencies cause high health risk to young children and expectant mothers in sub Saharan Africa. The development of biofortified common bean (Phaseolus vulgarisL.) varieties could address the acute micronutrient deficiencies with associated improvement in the nutrition and health of women, children and adults. The objective of this study was to determine the mode of gene action and genetic advance in iron and zinc levels in common bean. Field experiment was carried out using six generations of two populations made of crosses between pairs of low iron, low zinc and high iron, moderate zinc genotypes (Cal 96 ˣ RWR 2154; MCR-ISD-672 ˣ RWR 2154). Each generation (P1, P2, F1, F2, BC1P1and BC1P2) was evaluated on the field in a randomized complete block design with three replications. Generation mean analysis were performed for each trait measured in each of the crosses while iron and zinc levels were quantified by x-ray fluorescence. The study showed that both additive and non-additive gene effects were important in determining the expression of high iron and zinc levels. Iron concentration in the common bean seeds ranged from 60.68 to 101.66 ppm while zinc levels ranged from 25.87 to 34.04 ppm. Broad sense heritability estimates of iron and zinc were high in the two crosses (62–82% for Fe and 60–74% for Zn) while narrow sense heritability ranged from low to high (53–75% for Fe and 21–46% for Zn). Heritability and genetic gain were used as selection criteria for iron and zinc, and it was concluded that doing so would be beneficial for future improvement.