The effects of elevated CO2 and O3, singly and in combination were investigated on various physiological, biochemical and yield parameters of two locally grown wheat (Triticum aestivum L.) cultivars (HUW-37 and K-9107) in open top chambers (OTCs). Elevated CO2 stimulated photosynthetic rate (Ps) and Fv/Fm ratio and reduced the stomatal conductance (gs). Reactive oxygen species, lipid peroxidation, anti-oxidative enzymes, ascorbic acid and total phenolics were higher, whereas Ps, gs, Fv/Fm, protein and photosynthetic pigments were reduced in elevated O3 exposure, as compared to their controls. Under elevated CO2 + O3, elevated levels of CO2 modified the plant performance against O3 in both the cultivars. Elevated CO2 caused significant increase in economic yield. Exposure to elevated O3 caused significant reduction in yield and the effect was cultivar-specific. The study concluded that elevated CO2 ameliorated the negative impact of elevated O3 and cultivar HUW-37 was more sensitive to elevated O3 than K-9107.