AbstractDeveloping potato varieties that have enhanced tolerance to soil moisture and high‐temperature stress could improve household food and nutrition security in drought and heat prone areas. A field experiment was conducted at two locations in Ethiopia to evaluate the effectiveness of some stress tolerance indices for the identification of drought and heat tolerant potato genotypes. Treatments consisted of two irrigation regimes and 23 potato genotypes. The experiment was laid out as a split‐plot design in a factorial arrangement with three replications. Irrigation regimes were the main plot factor and genotypes were the sub‐plot factor. Stress tolerance indices were calculated based on the tuber yield under stress (Ys) and non‐stress (Yp) conditions of each genotype. To determine the most desirable stress tolerant genotypes, all indices mean rank (R) and standard deviation of the R were computed. Genotypes Cl‐12(CIP‐304371.67), Cl‐13(CIP‐304383.80), Cl‐2(CIP‐302499.30), Cl‐34(CIP‐397079.6), Cl‐15(CIP‐304394.56), and Cl‐14(CIP‐304387.39) were found to have had top mean ranks and higher tuber yield under drought and heat stress. Ranking methods using all indices best determined desirable drought, heat, and combined drought‐heat tolerant genotypes that consistently coincided with the yield rank of genotypes under a given stress condition. This implies that these indices (stress tolerance index, geometric mean productivity, mean productivity, yield stability index, and tolerance index) could be used in combination to differentiate stress tolerances and susceptible potato genotypes. It is recommended that genotypes that exhibited higher drought and/or heat stress tolerance in this study could be further evaluated in drought and heat prone areas for the development of tolerant potato varieties.