Climate change is affecting wheat production in Northern Europe; in particular, drought and soil warming during anthesis may cause significant yield losses of the crop. In a search for genotypes tolerant to these stresses, the physiological responses of three spring wheat cultivars to increased soil temperature (3°C above normal) (H), drought (D) and their combination (HD) were investigated. The plants were grown in pots in a climate-controlled greenhouse. Stomatal conductance (g_s), photosynthesis (A), leaf water potential (Ψ_l), and relative water content (RWC) were measured during the treatment period. The responses of these variables to soil drying (for both D and HD) were described by a linear–plateau model, indicating the soil water thresholds at which the variables started to decrease in relation to the control plants. The H treatment alone hardly affected the variables, whereas both D and HD had significant effects. The variable most sensitive to soil drying was g_s, followed by A, Ψ_l, and RWC. Among the three cultivars, earlier stomatal closure during drought in Alora could be a good adaptive strategy to conserve soil water for a prolonged drought, but may not be of benefit under intermittent drought conditions. Later stomatal closure and decline in A for Scirocco under HD and D stresses would be a favourable trait to sustain productivity under intermittent drought. A lower soil-water threshold of g_s associated with a later decrease in A for Scirocco implies that the cultivar was less susceptible to HD and D stresses at anthesis.