Manipulative experiments of elevated [CO2] and increased temperature were conducted in North China to understand the effect of elevated CO2 concentration and increased temperature on wheat, especially in high-temperature years. The photosynthesis, Pn-PAR and A-Ci curves, growth period, biomass, yield component, and yield of wheat were investigated under different [CO2] (400 and 600 μmol·mol–1) and temperatures (ambient temperature and ambient temperature +2 ℃) for 3 years by using controlled chambers. Results showed that increased temperature significantly shortened the growth period and decreased wheat yield and biomass. Elevated [CO2] significantly increased Pnmax but reduced Vcmax and Jmax. The extremely high temperature of the filling period in 2019 exerted serious negative impact on wheat production. Elevated [CO2] stimulated photosynthesis, increased kernel number per spike, and extended the duration of the grain filling period, which consequently increased the biomass and grain yield under increased temperature in normal years (2018 and 2020). Elevated [CO2] reduced stomatal conductance and increased ear number, which increased the biomass and compensated for the decline in grain yield under extremely high temperature of the filling period in 2019. Elevated [CO2] could compensate for the negative impact of the increased temperature on wheat in North China but exerted limited impact under extremely high temperature.