The search for productive germplasm adapted to adverse conditions is an important action to mitigate the harmful effects of climate change. The aim was to identify the yield potential of 50 popcorn inbred lines grown in field conditions, in two crop seasons (CS), and under contrasting water conditions (WC). Morphoagronomic, physiological, and root system traits were evaluated. Joint and individual analyses of variance were performed, in addition to the multivariate GT bip-lot analysis. Expressive reductions between WC were observed in 100-grain weight (100 GW), popping expansion (PE), grain yield (GY), expanded popcorn volume per ha (EPV), row number per ear (RNE), plant height (PH), relative chlorophyll content (SPAD), and nitrogen balance index (NBI). It was found that the SPAD, 100 GW, GY, PE, and grain number per ear (GNE) traits had the most significant impact on the selection of genotypes. Regardless of WC and CS, the ideal lines were L294 and L688 for PE; L691 and L480 for GY; and L291 and L292 for both traits. SPAD, 100 GW, and GNE can contribute to the indirect selection. Our work contributes to understanding the damage caused by drought and the integration of traits for the indirect selection of drought-tolerant popcorn genotypes.