Cotton and cotton/polyester blended weft knitted fabrics are prone to shrinkage during finishing processes and customer usage. The effect of various fabric characteristics on the shrinkage behavior of weft knits is as important as that of the fiber characteristics. In this work, three different single jersey knits with varying fabric tightnesses, yarn types, and fiber blends are selected for their characteristics. The contribution of each characteristic to shrinkage behavior is presented statistically using an analysis of variance. The fabrics are subjected to several laundering cycles followed by tumble drying. Changes in the dimensions are measured right after each process and cycle. Double pique knits shrink less widthwise but more lengthwise than the other knit types. Yarn type and fiber blend have a relatively more significant contribution to fabric shrinkage lengthwise than widthwise. Knit loop formation is defined in each relaxation stage from dry relaxed to fully relaxed. The effect of dyeing on fabric relaxation is also studied.