Recent reports challenge the widely accepted idea that drought may offer protection against ozone (O3) damage in plants. However, little is known about the impact of drought on the magnitude of O3 tolerance in winter wheat species. Two winter wheat species with contrasting sensitivity to O3 (O3 tolerant, primitive wheat, T. turgidum ssp. durum; O3 sensitive, modern wheat, T. aestivum L. cv. Xiaoyan 22) were exposed to O3 (83ppb O3, 7h d21) and/or drought (42% soil water capacity) from flowering to grain maturity to assess drought-induced modulation of O3 tolerance. Plant responses to stress treatments were assessed by determining in vivo biochemical parameters, gas exchange, chlorophyll a fluorescence, and grain yield. The primitive wheat demonstrated higher O3 tolerance than the modern species, with the latter exhibiting higher drought tolerance than the former. This suggested that there was no cross-tolerance of the two stresses when applied separately in these species/cultivars of winter wheat. The primitive wheat lost O3 tolerance, while the modern species showed improved tolerance to O3 under combined drought and O3 exposure. This indicated the existence of differential behaviour of the two wheat species between a single stress and the combination of the two stresses. The observed O3 tolerance in the two wheat species was related to their magnitude of drought tolerance under a combination of drought and O3 exposure. The results clearly demonstrate that O3 tolerance of a drought-sensitive winter wheat species can be completely lost under combined drought and O3 exposure.