Experiments were designed to examine differences in some morpho-physiological characters among wheat genotypes in response to drought stress at anthesis and maturity and to determine the relationships between these characters. In three sets of experiments, one set was evaluated under well-irrigated conditions and two sets under drought stress conditions by developing terminal drought stress at anthesis in one set and at maturity in the other, for 2 years. Genotypes differed in their response at both stages of plant growth for grain yield, days to heading, excised-leaf water loss, leaf membrane stability and relative water content under drought stress. Under irrigated conditions differences in the genotypes for water retention traits were not clear. There were significant genotype×environment interactions. Terminal drought stress resulted in reduced mean values and variability for all characters. The varieties WH 147 and WH 147(U) showed a combination of drought resistance, water retention and high grain yield, whereas C 306, Kharchia 65 and Hindi 62 showed a lower percentage injury in plasma membrane and better water retention in the leaves. Drought resistance index was associated with other characters.