Drought stress is one of the biggest hardships in wheat cultivation because of the strong negative relationship between water deficit and crop yields owing to a lower grain weight, a shorter grain-filling period, a slower grain-filling rate, and reduced grain quality. Genotype–environment interaction (GEN:ENV) generates hardships in selecting wheat genotypes and ideotypes due to biased genetic estimates. Diverse strategies have been proposed to respond to the urgent need for concurrent improvements in yield performance and stability. This study’s purpose was to appraise genetic variation and GEN:ENV effects on yield and yield components to discover drought-stress-tolerant genotypes and ideotypes. This study evaluated 20 genotypes in three consecutive seasons under non-stressful and drought-stress conditions in a total of six ENVs. The broad-sense heritability ranged from 0.54 to 0.82 based on expected mean squares and ranged from 0.60 to 0.90 based on plot mean, but in the other three ways, it was usually greater than 0.90. The high values of (σgen:env2) revealed the effect that broad-sense heritability has on the expression of traits. G01, G03, G06, G07, G08, G10, G12, G13, G16, G17, and G18 were stable genotypes for grain yield (GY), according to additive main effects and a multiplicative interaction biplot for the six ENVs. Based on scores in the weighted average of absolute scores biplot (WAASB), G02, G04, G05, G08, G10, and G18 were selected as stable and high-performance for GY, and they were all selected as the best genotype groups using the WAASB-GY superiority index. From the results obtained from principal component analysis and hierarchical clustering and from the tolerance discrimination indices, G02, G04, G05, G18, and G19 are genotypes that produce a suitable yield under non-stressful and drought-stress conditions. In essence, combining approaches that take into consideration stability and high performance can contribute significantly to enhancing the reliability of recommendations for novel wheat genotypes.