Abiotic stress due to climate change with continuous rise of atmospheric CO₂ concentration is predicted to cause severe changes to crop productivity. Thus, research into wheat cultivars, capable of maintaining yield under limiting conditions is necessary. The aim of this study was to investigate the physiological responses of spring wheat to individual and combined drought- and heat events and their interaction with CO₂ concentration. Two heat sensitive (LM19, KU10) and two heat tolerant (LM62, GN5) genotypes were selected and grown under ambient (400 ppm, aCO₂) and elevated (800 ppm, eCO₂) CO₂ concentrations. At the tillering stage, the wheat plants were subjected to different treatments: control, progressive drought, heat and combined drought and heat stress. Our results showed that eCO₂ mitigated the negative impact of the moderate stress in all genotypes. However, no distinctive responses were observed in some of the measured parameters between heat sensitive and tolerant genotypes. All genotypes grown at eCO₂ had significantly higher net photosynthetic rates and maintained maximum quantum efficiency of PSII photochemistry under heat and combined stress compared to aCO₂. Under heat and combined stress, the chlorophyll a:b ratios decreased only in heat tolerant genotypes at eCO₂ compared to the control. Furthermore, the heat tolerant genotypes grown at eCO₂ showed an increased glucose and fructose contents and a decreased sucrose content under combined stress compared to aCO₂. These findings provide new insights into the underlying mechanisms of different genotypic responses to combined abiotic stresses at eCO₂ that differ from the response to individual stresses.