We aimed to study impact of drought stress on physiological traits of field grown 8 durum and 14 bread wheat genotypes. Drought caused decrease of leaf gas exchange parameters—photosynthesis rate (Pn), stomatal conductance (gs), and transpiration rate (E), an increase of intercellular CO2 concentration (Ci). Area (LA) and dry mass of leaves per stem, leaf area index (LAI) of genotypes significantly reduced from booting to watery ripe stages. Water deficiency led to a decrease of chlorophyll a, b (Chla,b) and carotenoids (Car (x+c) content, relative water content (RWC). Water stress more affected on LA than leaf dry mass of wheat genotypes, leaf specific mass (LSM) increased. The Chl(a+b) content, Pn and yield of bread wheat genotypes were relatively higher than durum wheat ones. Physiological traits may be reliable for selection of drought tolerant wheat genotypes.