To investigate the effects of rotating tillage coverage and no-tillage with stubble on wheat yield in dryland, field test was carried out in the long-term conservation tillage experimental area of Yaodu District, Linfen city, with ‘Jinmai 102’ as test material. The effects of two tillage modes of no-tillage with stubble and rotating tillage coverage on soil moisture content, physiological indexes of wheat leaf drought resistance, osmotic regulation indexes, photosynthetic biomass, leaf area index and yield were investigated. The results showed as follow: 1) During the critical growth period of wheat in dryland, no-tillage with stubble was more beneficial to increase the water content of 0～50 cm and 120～200 cm soil layer and increase the available water of wheat when compared with rotating tillage coverage; 2) When compared with rotating tillage coverage, no-tillage with stubble reduced the imbalance of antioxidant enzyme activity, membrane damage and relieved the imbalance of cell infiltration, which was beneficial to maintain water needed for normal growth and delayed leaf senescence in wheat under drought stress; 3) The chlorophyll content was increased under no-tillage with stubble, especially the degradation of chlorophyll was alleviated, thereby enhancing the photosynthesis and nutrient accumulation of dryland wheat; 4) The net photosynthetic rate, stomatal conductance and transpiration rate was increased under no-tillage with stubble when compared with rotating tillage coverage; 5) When compared with rotating tillage coverage, no-tillage with stubble increased leaf area index, promoted grain filling, increased tiller number and spike number per centiare. The results of this study can provide scientific basis for the rational tillage pattern of wheat in dryland farmland.