Copper (Cu) is one of the essential micronutrients for plants and has been used extensively in agricultural applications from the past to the present. However, excess copper causes toxic effects such as inhibiting photosynthesis, and disrupting biochemical processes in plants. Nanotechnology applications have offered a critical method for minimizing adverse effects and improving the effectiveness of copper nanoparticles. For this purpose, this study investigated the physiological and biochemical effects of polyvinylpyrrolidone (PVP)-coated Cu nanoparticles (PVP–Cu NP, N1, 100 mg L−1; N2, 400 mg L−1) in Triticum aestivum under alone or combined with salt (S, 150 mM NaCl) and/or drought (D, %10 PEG-6000) stress. Salinity and water deprivation caused 51% and 22% growth retardation in wheat seedlings. The combined stress condition (S + D) resulted in an approximately 3-fold reduction in the osmotic potential of the leaves. PVP-Cu NP treatments to plants under stress, especially N1 dose, were effective in restoring growth rate and regulating water relations. All stress treatments limited gas exchange in stomata and suppressed the maximal quantum yield of PSII (Fv/Fm). More than 50% improvement was observed in stomatal permeability and carbon assimilation rate under S + N1 and S + N2 applications. Examination of OJIP transient parameters revealed that N1 treatments protected photochemical reactions by reducing the dissipated energy flux (DIo/RC) in drought and S + D conditions. Exposure to S and/or D stress caused high hydrogen peroxide (H2O2) accumulation and lipid peroxidation in wheat leaves. The results indicated that S + N1 and S + N2 treatments reduced oxidative damage by stimulating the activities of antioxidant enzymes superoxide dismutase (SOD), peroxidase (POX), and ascorbate peroxidase (APX). Although similar effects were observed at D and S + D conditions with 100 mg L−1 PVP-Cu NP treatments (N1), the curative effect of the N2 dose was not observed. In D + N1 and S + D + N1 groups, AsA regeneration and GSH redox status were maintained by triggering APX, GR, and other enzyme activities belonging to the AsA-GSH cycle. In these groups, N2 treatment did not contribute to the availability of enzymatic and non-enzymatic antioxidants. As a result, this study revealed that N1 dose PVP-Cu NP application was successful in providing stress tolerance and limiting copper-induced adverse effects under all stress conditions.