This study aimed to investigate the effects of high temperature and drought stresses on wheat yield and their underlying physiological mechanisms. Two wheat varieties, Zhongmai 36 (ZM36) and Jimai 22 (JM22), were selected during the winter wheat growing season from 2022 to 2023. Three stress treatments—high temperature (HT), drought (DS), and combined high temperature and drought stress (DHS)—were applied after anthesis under field conditions in Beijing and Zhaoxian, Hebei province, along with a natural environment control (CK). The effects of the stress treatments on photosynthetic characteristics, leaf senescence, and grain yield were compared. Over the two-year period, the yield, grain number per spike, and 1000-grain weight of ZM36 in Beijing decreased by 18.0%-40.2%, 10.4%-16.3%, and 6.9%-22.7%, respectively, while for JM22, the reductions were 18.2%-32.8%, 3.1%-8.7%, and 4.0%-14.6%, respectively. In Zhaoxian, the yield, grain number per spike, and 1000-grain weight of ZM36 declined by 6.4%-27.8%, 8.2%-23.1%, and 2.9%-11.0%, respectively, while JM22 experienced decreases of 6.8%-35.3%, 8.0%-19.0%, and 0.6%-7.7%, respectively. The yield reductions followed the order: DHS > DS > HT. Additionally, the leaf area index (LAI) of both wheat varieties decreased by 14.4%-36.9%, the relative chlorophyll content (SPAD) of the flag leaf declined by 11.2%-24.6%, and the leaf stay-green duration (Chltotal) was shortened by 1.8-5.0 days. As a result, the net photosynthetic rate (Pn) of the flag leaf decreased by 14.3%-39.6%, the maximum photochemical efficiency of PSII (Fv/Fm) was reduced by 3.5%-10.5%, and the non-photochemical quenching coefficient (NPQ) increased by 9.3%-27.8%. The combined high temperature and drought stress after anthesis had a much greater impact on the photosynthetic characteristics of flag leaves than individual drought or high temperature stress. Structural equation modeling revealed that leaf temperature (Tleaf) was negatively correlated with soil volumetric water content (SVC), SPAD, and Pn, while SVC was positively correlated with LAI, SPAD, Pn, and Fv/Fm. Furthermore, higher soil volumetric water content (30%-32% in the 0-20 cm soil layer) reduced canopy and leaf temperatures, delayed wheat leaf senescence, and improved photosynthetic efficiency. These findings provide a theoretical basis for strategies to achieve high and stable wheat yields under stress conditions.