A greenhouse experiment was conducted from 1st December 2024 to 15th May 2025 at Gerdarash, Erbil, Kurdistan Region, Iraq, to investigate the effects of foliar application of combined micronutrients (Zn, Mn, B, and Fe) and ethephon on yield and grain quality of three bread wheat varieties (Hawler4, IBA99, and Jehan) under two water regimes (40–60% and 80–100% field capacities). Treatments were arranged in a randomized complete block design with three replicates. The results revealed that yield components and quality traits were significantly influenced by the interaction between varieties, micronutrient–ethephon combinations, and water availability. Under optimal water conditions (80–100% field capacity), Hawler4 variety recorded the highest spike length (cm), number of grains per spike, 1000-grain weight (g), and grain yield (9.18 g plant⁻¹), while Jehan variety showed better performance under water stress (40–60% field capacity) with improved tiller number, spike number, and protein yield (g plant⁻¹). The combined foliar application of micronutrients at 1 g L⁻¹ with ethephon at 500 mg L⁻¹ resulted in superior performance for most yield parameters and improved quality traits, including protein, gluten, proline, and carbohydrate contents. The results indicated that the integration of micronutrient enrichment with ethephon application effectively enhanced wheat productivity and grain quality under both normal and water-stressed conditions. Hawler4 was more responsive under well-watered conditions, while Jehan demonstrated better tolerance to water stress. These findings suggest that foliar application of micronutrients combined with ethephon can be a practical strategy to mitigate water stress effects and improve yield and quality in bread wheat production.