Drought is the most important limiting factor for growth and productivity of crop plants. The aim of this research was to study the effect of soil water deficit on gas exchange parameters, photosynthetic pigments content, relative water content, area, dry weight, leaf specific mass of flag leaves from durum and bread wheat genotypes. Gas exchange parameters of leaves measured by using LI-COR 6400-XT Portable Photosynthesis System. Drought caused reduction in photosynthesis rate, stomatal conductance, transpiration rate, mesophyll conductance, pigments content, area, dry weight, relative water content of flag leaves. Leaf specific mass increased under rain-fed condition. Strong relationships were detected between stomatal conductance and transpiration rate, between mesophyll conductance and photosynthesis rate. Photosynthesis is less inhibited than transpiration rate under water stress. Under influence of water stress the content of photosynthetic pigments, also the ratio of chlorophyll to carotenoids decreases. Drought led decrease in yield and yield components of wheat genotypes