In order to compare 25 genotypes of bread wheat in terms of morpho-physiological and biochemical traits, an experiment was conducted in a randomized complete blocks design with three replications in the rainfed and irrigated conditions at Razi University, Iran, in 2016-2017. GT-biplot was used to evaluate genetic diversity and to identify stable genotypes with high yield and drought tolerance. Combined variance analysis showed that there was high variability among genotypes for the most of traits. Examining the correlation of traits in two environmental conditions showed that morpho-physiological traits; especially yield components, were the most related to yield. The results of the GT-biplot method showed that the first and second principal components explain 41.7% and 40.1% of the total changes in rainfed and irrigated conditions, respectively. Based on the GT-biplot analysis diagrams of genotypes 10, 15, 6, 13, 2, 14, and the Pishtaz cultivar in terms of physiological traits, yield and its components and the traits related to stem and spike in irrigated conditions, and genotypes 10, 15, 6, 18, and 17 in terms of biochemical traits, yield and its components, and traits related to stem and spike in rainfed conditions were recognized as superior genotypes. The genotypes 2 and 6 in irrigated conditions and the genotype 6 in rainfed conditions had the lowest genotype×trait interaction. Finally, the genotypes 10, 15, and 6 were superior in two environmental conditions and the genotype 6 had the least interaction effect in both conditions. Therefore, these genotypes can be used in breeding programs.