This study was conducted at Research Farm of Isfahan University of Technology to evaluate some of the agronomic and physiological traits and grain yield potentials of ten bread wheat cultivars using a split plots design with three replications. Main and sub plot were consisted of optimum and stress moisture treatments(irrigation after 70±3 and 130±3 mm evaporation from class A pan) and wheat cultivars, respectively. The results of analysis of variance revealed significant effect of moisture treatments on all traits except days to heading , plant height at heading ,1000-grain weight , harvest index , specific leaf weight, assimilate redistribution, difference of peduncle weights at heading and maturity stages and minimum influrecence. Significant differences were found among genotypes in stress condition except for chlorophyll b ,chlorophyll a to b ratio and minimum and maximum influrecences. Significant differences were detected among genotypes in optimum moisture condition for all characters, except for chlorophyll b, chlorophyll a to b ratio , ratio of variable to maximum flurecences, harvest index and assimilate redistribution. The interaction effect of genotype× moisture treatment was significant for all traits except, plant height, days to heading, grain yield , biological yield , number of spike/m 2 ,1000-grain weight , relative water content (RWC), amount of prolin, rate of water loss (RWL), peduncle weights at heading and maturity stages. Grain yields in two moisture conditions had significant positive phenotypic and genetic correlations with harvest index, number of grain/spike , RWC, chlorophyll a and sum of chlorophylls a and b and had significant negative correlation with RWL. Leaf area had significant negative correlations with specific leaf weight . Significant positive correlation were observed between peduncle weight at heading stage and difference of peduncle weights at stages heading and maturity with grain yield and RWC in moisture stre condition. Significant positive correlations between stress tolerance index and harvest index, grain yield and sum of chlorophyll a and b, and significant negative correlation with RWL were observed in both moisture conditions . Results of path analysi for grain yield showed that number of grain/spik had the highest positive direct effects on grain yield in both stress and non stress conditions. Results of stepwise regression analysis in non stress condition revealed that harvest index, RWC and RWL explained more that 95% of grain yield variability. Based on stepwise regression analysis in non stress condition, RWL, harvest index and RWC explained 95% of grain yield variability. Factor analysis detec