Tropospheric ozone threatens crop production in many parts of the world, especially in highly populated countries in economic transition. Crop models suggest substantial global yield losses for wheat, but typically such models fail to address differences in ozone responses between tolerant and sensitive genotypes. Therefore, the purpose of this study was to identify physiological traits contributing to yield losses or yield stability under ozone stress in 18 contrasting wheat cultivars that had been pre-selected from a larger wheat population with known ozone tolerance. Plants were exposed to season-long ozone fumigation in open-top chambers at an average ozone concentration of 70 ppb with three additional acute ozone episodes of around 150 ppb. Compared to control conditions, average yield loss was 18.7 percent, but large genotypic variation was observed ranging from 2.7 to 44.6 percent. Foliar chlorophyll content represented by normalized difference vegetation index and net CO2 assimilation rate of young leaves during grain filling were the physiological traits most strongly correlated with grain yield losses or stability. Accumulative effects of chronic ozone exposure on photosynthesis were more detrimental for grain yield than instantaneous effects of acute ozone shocks, or accelerated senescence of older leaves represented by changes in the ratio of brown leaf area/green leaf area index. We used experimental data of two selected tolerant or sensitive varieties, respectively, to parametrize the LINTULCC2 crop model expanded with an ozone response routine. By specifying parameters representing the distinct physiological responses of contrasting genotypes, we simulated yield losses of 7 percent (tolerant) or 33 percent (sensitive). By considering genotypic differences in ozone response models, this study helps to improve the accuracy of simulation studies, estimate the effects of adaptive breeding, and identify physiological traits for the breeding of ozone tolerant wheat varieties that could deliver stable yields despite ozone exposure.