AbstractGrain yield in wheat is dependent on photosynthate production and allocation. Light intensity is one of the main factors affecting photosynthate production and allocation, and grain yield. This study was conducted to determine whether cultivars varying in grain number per spike and grain weight respond differently to pre‐anthesis shading (PRE) and post‐anthesis shading (POST), and to characterize the responses in production and allocation of photosynthate, yield and yield components, and spike traits. Both PRE and POST caused a decrease in both dry matter (DM) accumulation and allocation to grain. Cultivar Lumai 22, which has a large spike and large grains, was more sensitive to either PRE or POST. PRE reduced photosynthate production and partitioning to the spike in Lumai 22 at anthesis. In contrast, PRE had little influence on these parameters in the small‐spike, small‐grain cultivar Yannong 15. POST reduced the partitioning to the grain, especially in Lumai 22, for which marked reductions in biomass and grain yield were found for both the PRE and POST treatments. Changes in yield components attributable to shading varied with cultivars. The number of spikes m−2 was not affected by either PRE or POST. Lumai 22 was more seriously affected by shading than Yannong 15 in terms of grain number per spike and weight per grain. The decreases in grain number or weight per spikelet in both the PRE and POST treatments took place mainly in the upper and basal spikelets, especially in Lumai 22. We concluded that the adaptability of the small‐spike, small‐grain cultivar Yannong 15 to either PRE or POST was much greater than that of the large‐spike, large‐grain cultivar Lumai 22 in terms of many characteristics closely related to grain yield. Hence, we suggest that, in areas where low light intensity often occurs, the small‐spike, small‐grain cultivar would be more likely to produce high, stable grain yields.