Nitrogen (N) deficiency and heat stress (HS) are major abiotic stresses that affect the quantity and quality of wheat grains. This study was conducted to examine wheat varietal response to RSI and RNDVI at the anthesis stage and their relationship to yield and yield-related traits under variable N supply and terminal heat stress. Twelve wheat varieties were evaluated in 2016–2017 and 2017–2018 at the National Agricultural Research Centre (NARC), Islamabad, Pakistan. The experiment was divided into three sets, i.e., N120 (120 kg N/ha), N60 (60 kg N/ha) and N0 (0 kg N/ha), based on the nitrogen fertilizer application. The physiological and yield-related parameters were recorded. Mean grain yield for all twelve varieties, averaged from two years of data, ranged between 1655.0 and 3890.1 kg/ha. Maximum RSI (0.99), RNDVI (1.03) and GY (3890.9 kg/ha) were recorded for FSD-08, while AARI-11 showed minimum RSI (0.50), RNDVI (0.56) and GY (1396.40 kg/ha). In the present study, mean CTD was lower, at N0 (3.57 °C), followed by N60 (5.07 °C) and N120 (5.47 °C) on average for the two years of data. The strong positive correlation of RSI and RNDVI with grain yield at R² = 0.73 and R² = 0.49 suggest that these parameters can be used as efficient and precise selection criteria for identifying nitrogen-use-efficient wheat varieties under terminal heat-stress conditions. This work will help the researchers to identify and develop nitrogen-use-efficient and thermos-tolerant wheat cultivars by minimizing the negative impacts of heat stress at the anthesis stage.