In the past, there have been drought events in different parts of the world, which have negatively influenced the productivity and production of various crops including wheat ( Triticum aestivum L.), one of the world’s three important cereal crops. Breeding new high yielding drought-tolerant wheat varieties is a research priority specifically in regions where climate change is predicted to result in more drought conditions. Commonly in breeding for drought tolerance, grain yield is the basis for selection, but it is a complex, late-stage trait, affected by many factors aside from drought. A strategy that evaluates genotypes for physiological responses to drought at earlier growth stages may be more targeted to drought and time efficient. Such an approach may be enabled by recent advances in high-throughput phenotyping platforms (HTPPs). In addition, the success of new genomic and molecular approaches rely on the quality of phenotypic data which is utilized to dissect the genetics of complex traits such as drought tolerance. Therefore, the first objective of this review is to describe the growth-stage based physio-morphological traits that could be targeted by breeders to develop drought-tolerant wheat genotypes. The second objective is to describe recent advances in high throughput phenotyping of drought tolerance related physio-morphological traits primarily under field conditions. We discuss how these strategies can be integrated into a comprehensive breeding program to mitigate the impacts of climate change. The review concludes that there is a need for comprehensive high throughput phenotyping of physio-morphological traits that is growth stage-based to improve the efficiency of breeding drought-tolerant wheat.