Low-temperature stress has become an important abiotic factor affecting high and stable wheat production. Therefore, it is necessary to take appropriate measures to enhance low-temperature tolerance in wheat. A pot experiment was carried out using Yannong19 (YN19, a cold-tolerant cultivar) and Xinmai26 (XM26, a cold-sensitive cultivar). We employed traditional phosphorus application (TPA, i.e., R1) and optimized phosphorus application (OPA, i.e., R2) methods. Plants undertook chilling (T1 at 4 °C) and freezing treatment (T2 at −4 °C) as well as ambient temperature (CK at 11 °C) during the anther differentiation period to investigate the effects of OPA and TPA on photosynthetic parameters and the accumulation and distribution of dry matter. The net photosynthetic rate (Pn), stomatal conductance (Gs) and transpiration rate (Tr) of flag leaves decreased in low-temperature treatments, whereas intercellular carbon dioxide concentration (Ci) increased. Compared with R1CK, Pn in R1T1 and R1T2 treatments was reduced by 26.8% and 42.2% in YN19 and 34.2% and 54.7% in XM26, respectively. In contrast, it increased by 6.5%, 8.9% and 12.7% in YN19 and 7.7%, 15.6% and 22.6% in XM26 for R2CK, R2T1 and R2T2 treatments, respectively, under OPA compared with TPA at the same temperature treatments. Moreover, low-temperature stress reduced dry matter accumulation at the reproductive growth stage. OPA increased dry matter accumulation of vegetative organs after the flowering stage and promoted the transportation of assimilates to grains. Hence, the grain number per spike (GNPS), 1000-grain weight (TGW) and yield per plant (YPP) increased. The low-temperature treatments of T1 and T2 caused yield losses of 24.1~64.1%, and the yield increased by 8.6~20.5% under OPA treatments among the two wheat cultivars. In brief, OPA enhances low-temperature tolerance in wheat, effectively improves wheat architecture and photosynthesis, increases GNPS and TGW and ultimately lessens yield losses.