Agricultural production is predicted to be adversely affected by an increase in drought and heatwaves. Drought and heat damage cellular membranes, such as the thylakoid membranes where photosystem II occurs (PSII). We investigated the chlorophyll fluorescence (ChlF) of PSII, photosynthetic pigments, membrane damage, and the activity of protective antioxidants in drought-tolerant and -sensitive varieties of C3 sunflower and C4 maize grown at 20/25 and 30/35 °C. Drought-tolerant varieties retained PSII electron transport at lower levels of water availability at both temperatures. Drought and heat stress, in combination and isolation, had a more pronounced effect on the ChlF of the C3 species. For phenotyping, the maximum fluorescence was the most effective ChlF measure in characterizing varietal variation in the response of both species to drought and heat. The drought-tolerant sunflower and maize showed lower lipid peroxidation under drought and heat stress. The greater retention of PSII function in the drought-tolerant sunflower and maize at higher temperatures was associated with an increase in the activities of antioxidants (glutathione reductase, superoxide dismutase, catalase, peroxidase, and ascorbate peroxidase), whereas antioxidant activity declined in the drought-sensitive varieties. Antioxidant activity should play a key role in the development of drought- and heat-tolerant crops for future food security.