Genotype × environment interaction is one of the complex issues in crop breeding programs to produce high-yielding and stable genotypes. To identify stable and high-yielding wheat genotypes for cultivation under water deficit conditions in cold regions of Iran, 20 bread wheat lines with winter and facultative growth types, along with the Zarrineh and Heyran, control cultivars, (resulting in a total 22 genotypes) were studied in a randomized complete block design (RCBD) with three replications in cold climate research stations of Iran in two growing seasons (2021–2023). Water deficit stress was applied at the seed filling stage, so that irrigation was stopped from this stage onwards. To determine the stability and compatibility of genotypes, multivariate AMMI and BLUP methods were employed. Due to the significant genotype × environment interaction, AMMI analysis was done and based on grain yield and stability parameters based on AMMI analysis G3, G4, G13 and G1 genotypes were selected as the most stable genotypes. The maximum likelihood ratio test showed that the effect of genotype and genotype × environment interaction effect on grain yield were significant, so BLUPs were also estimated and stability analysis was performed using the AMMI method on these BLUPs. The SY × WAASB biplot identified G3, G4, G1 and G13 genotypes as stable genotypes with high grain yield. BLUP-based statistics such as HMGV, RPGV and HMRPGV identified G11, G12, G15, G1, G2 and G3 genotypes as superior genotypes in yield and stability. Given that all components were used in calculating the WAASBY index, this index emerged as superior to others. Therefore, for a reliable conclusion, using the WAASBY chart with a variable weighting of 50:50 for the WAASB index and average grain yield, also confirmed that G3, G4, G22, G13 and G1 genotypes are stable genotypes with elevated yield.