To cultivate a breakthrough wheat variety with high and stable yield, drought tolerance, water saving and multi-resistance, taking high-yield variety ‘Linmai 2’ as female parent and high-yield, drought-tolerance ‘Yannong 19’ as male parent, we used pedigree method to polymerize both parents’ excellent agronomic characters, and bred a new wheat variety ‘Jimai 262’ by multi-site and multi-ecological field experiments. This variety was characterized as high yield, good quality, good resistance to disease and tolerance to stress, excellent agronomic characters and could be cultivated in both irrigated land and dry land. In irrigated field variety comparison trial 2010-2011 in Jinan and Mengyin, the average yield of ‘Jimai262’ was 2.87% and 9.41% higher than that of control variety ‘Jimai 22’, and ranked first in both sites. In the dry land regional trail 2012-2013 of Shandong Province, the average yield of ‘Jimai262’ was 9.74% higher than that of control variety ‘Lumai21’, achieved the highest yield increase of dry land variety in the past decade. The grain of ‘Jimai 262’ was big and full, the quality traits such as grain protein content, wet gluten content and flour whiteness were better than that of control variety ‘Lumai21’. ‘Jmai262’ was resistant to hot dry wind, moderate resistant to stripe rust, and the plant height was 67.2 cm. At the later stage, the leaf photosynthetic function period was long, the population was yellowing well, the spike was oblong, the grain number per spike was 37.5, the thousand-grain weight was 44.7 g, and the grain was white and silt. ‘Jimai 262’ was released by Shandong Province in February 2016, it is suitable for planting in arid fertile land and water deficient area without irrigation condition.