Wheat cultivars displaying water stress tolerance traits are highly desirable for water scarce regions of Pakistan. To achieve this aim, a 2-years field research experiment was undertaken to assess the outcome of water stress on physiological and agronomic traits at different growth stages in selected wheat cultivars. The experiment comprised evaluation of five wheat cultivars viz., Atta Habibb-2010, Siran-2008, Pirsabak-2008, Hashim-2008 and Pirsabak-2005 under water stress by skipped irrigation at each of the following growth stages: crown root initiation (CRI), tillering stage, pre-anthesis and milk stages, compared with well-watered treatment. Data of tillers number, 1000 grain weight, grain yield, drought susceptibility index and drought tolerance efficiency were evaluated. The two years data revealed significant impact of water stress on growth, physiological and yield traits of wheat, and preanthesis stage was found as most sensitive to water deficiency. For water stress at CRI, Pirsabak-2005 produced higher yield than the rest of the cultivars. Hashim-2008 followed by Pirsabak-2008 produced higher grain yield than rest under water stress at pre-anthesis stage; whereas water deficit at this stage adversely affected the performance of cv. Atta Habib, Hashim-2008 and Pirsabak-2008. Pirsabak-2005, Hashim-2008 and Pirsabak-2008 may be utilized as breeding material for development of local water stress tolerant wheat varieties.