This study aims to evaluate the role of genetic diversity originated from three-way crosses of landraces and synthetic bread wheat derivatives attempted with elite cultivars to identify the genotypes having better grain yield as well as better starch contents under flowering stage drought stress. In total, 50 genotypes comprised of 47 derivatives of landraces and synthetics, and three standard varieties were grown in the fields of CIMMYT, Obregon following alpha lattice design with two replications. Drought stress was imposed by stopping the irrigation before anthesis and post-anthesis stages. Different traits related to physiological adaptations, earliness, grain yield and starch contents were decreased under drought stress except amylose which increased significantly. Canopy temperature depression was not significantly affected by drought stress. Further, we identified strong correlation of grain yield with plant height, normalized difference in vegetation index, plant maturity, spike length, grain number and thousand grain weight but negative with canopy temperature depression. Non-significant correlation of amylose and amylopectin was recorded with grain yield. Results revealed that genetic diversity derived from landraces and synthetic bread wheat can improve grain yield and starch contents but simultaneous improvement of both is elusive.