Drought is undoubtedly one of the most important environmental stresses limiting the productivity of crop plants worldwide. Wheat is one of the main cereal crops in human nutrition. Selecting wheat genotypes with suitable agronomical, physiological traits are very important for the purpose of yield improvement under water limiting conditions. We aimed to study the effect of soil water deficit on some physiological traits of 8 durum wheat and 14 bread wheat genotypes. Gas exchange parameters of flag leaf was measured from booting to grain milky ripe stage of ontogenesis by using LI-COR 6400XT Portable Photosynthesis System. Drought stress caused reduction of gas exchange parameters (photosynthesis rate, stomatal conductance, transpiration rate) of leaf. The highest rate of photosynthesis was detected at the heading- flowering stage of growth. Stomatal conductance and transpiration rate were higher at the booting stage. We revealed an increase of intercellular CO2 concentration at the flowering and grain formation stages. Higher rate of photosynthesis associated with higher assimilation area formation and dry matter accumulation of wheat genotypes Tartar, Giymatli 2/17, Tale 38 and 4thFEFWSN№50. Water use efficiency at the leaf level positively correlated with photosynthesis rate and mesophyll conductance. Positive correlations between photosynthesis rate and crop growth rate, relative water content, pigments content were revealed. Higher relative water content of genotypes positively correlated with pigments content, negatively correlated with canopy temperature. Our results showed that lower canopy temperature is associated with higher gas exchange parameters- photosynthesis rate, transpiration rate. Water stress caused decrease of chlorophyll a, b and carotenoids (x+c) content and Chl(a+b)/Car(x+c) ratio.. Adaptive changes in assimilation area and dry matter distribution between leaves, stem and spike were revealed under drought. An increase of proline content in leaves under drought stress was revealed. Drought stress accelerated the outflow of photoassimilates from vegetative parts of plant into grains. Lowest dry matter remobilization and dry mater remobilization efficiency were detected in the tallest genotypes Sharg, Gyrmyzy bugda, Dagdash, Saratovskaya 29, which are also characterized by low values of harvest index.We found positive and significant correlation between crop growth rate and assimilation area and dry mass of stem, spike and flag leaf. We concider that physiological traits can be used as selection criteria for drought tolerance of wheat.