Changes in global climate have increased the variability of precipitation, and have made episodes of drought and/or high temperature more common. These stresses, often occurring in combination during grain filling in arid or semiarid areas, are considered the two most common environmental limitations to wheat growth and yield potential. Therefore, the improvement of drought and heat tolerance, as well as grain yield, is of great importance in selecting wheat cultivars. This chapter aims to assess the genes involved in drought and heat tolerances, and the promising physiological traits that may assist in traditional genetic improvement for increased tolerance to drought and heat stress in wheat. It focuses on advances in our understanding of the molecular markers associated with physiological traits, and the roles of various important genes in determining a wheat plant’s response to heat and drought stresses.