In order to evaluate and classify morphological and physiological traits of wheat genotypes in non-drought and drought stress conditions, 30 wheat genotypes were planted based on completely randomized blocks desighn with six replications at the Research Station of Agricultural Faculty of Islamic Azad University of Tabriz during the agronomic year of 2012-2013. Three replications were considered as non-drought and three as drought stress conditions. The coefficients of grain yield in non-drought stress situation demonstrated positive significant correlation with the number of grains per spike, straw yield, harvest index, peduncle length, days to physiological maturity, biological yield, number of fertile spikelets per spike, spike length, plant height and in drought stress conditions, coefficients of grain yield showed positive significant correlation with straw yield, harvest index, biological yield. Factor analysis based on principal component analysis method and varimax rotation indicated that four important factors accounted for about 80.9 and 81.3 percent of the total variation among traits in non-drought and drought stress conditions, respectively. In non-drought stress conditions, the first factor assigned 22.1 percent of total variation between traits and was significantly related with grain yield. Therefore, this factor was regarded as yield factor. Other factors in non-drought stress condition accounted for 21.6, 20.9 and 16.2 percent of variation between traits and were entitled as grain yield component factors, respectively. In drought stress condition, the first factor assigned 23.3 percent of total variation between traits and was significantly related with traits spike length, number of fertile spikelets per spike and number of grains per spike. This factor was regarded as grain yield component factor. Other factors in drought stress condition accounted for 22.4, 22.1 and 13.3 percent of variation between traits and were entitled as height, yield and plant phenology factors, respectively. Overall, results revealed all traits had positive significant correlation with grain yield.