The stomatal conductance, plant water relation parameters, abscisic acid concentration in leaf and spike, and grain yield components were examined. Both stress treatments and elevated [CO2] reduced the stomatal conductance, which resulted in lower leaf relative water content and leaf water potential. Drought induced a significant increase in leaf and spike abscisic acid concentrations, while elevated [CO2] showed no effect. At maturity, post‐anthesis drought and heat stress significantly decreased the grain yield by 21.3%–65.2%, while elevated [CO2] increased the grain yield by 20.8% in wheat, which was due to the changes of grain number per spike and thousand grain weight. This study suggested that the responses of plant water status and grain yield to extreme climatic events (heat and drought) can be influenced by the atmospheric CO2 concentration.