Bread Wheat ( Triticum aestivuum L.) is considered the staple crop that supplies more than half of the total calorie intake in developed and non-developed countries. Its productivity and quality is severely affected by unfavorable environmental conditions, such as drought. It is predicted that the climate changes will result in higher temperatures and lower precipitation, especially in the mid-latitudes, where the majority of wheat is grown. On the other hand, the world population increase, not only accelerates the climate change but also inflates the demands for wheat. One of the major solutions to these challenges is to increase yield per cultivated area, especially under water limited conditions. The current experiment was conducted to investigate the response of 50 wheat genotypes from WAMI panel and some Iranian cultivars limited irrigation conditions from the aspects of physiological and agronomic traits in a combined design of completely randomized blocks for two years, in Isfahan University of Technology farm. In the second year of experiment, under both water stress and non-stress conditions, stepwise regression and path analysis revealed that among all measured traits, only the mean grain number per spike positively affected grain yield per plant (r=0.7). This trait was highly repeatable and had a considerable genetic and phenotypic variation. Based on the cluster and principal component analysis results, genotypes 118 and 32 in first year and the genotypes 118, 117, 274, and 194 in second year were considered tolerant and high-yielding under both drought stress and non-stress conditions. Among Iranian genotypes, Sepahan was highlighted as the tolerant cultivar which had high yield per cultivated area and per plant, under drought-stress condition, in the first and second years, respectively.