To explore the potential utilization of Rht4 in wheat improvement, we investigated and compared the effects of Rht4 and Rht-B1b on the plant height and yield components using four groups of recombinant inbred lines derived from the cross between "IDO444" (tall, no known dwarfing alleles) and "Rio Blanco" (semi-dwarf, Rht4+Rht-B1b) grown under two water regimes. Rht4, Rht-B1b and Rht4+Rht-B1b significantly reduced plant height by 11.5%, 19.3% and 18.2%, respectively. There were no additive effects on plant height in Rht4+Rht-B1b lines. Both Rht4 and Rht-B1b significantly reduced internode length and lodging score with stronger effects by Rht-B1b. Water stress affected the plant height related traits of the single Rht-B1b lines more than that of the Rht4 lines, except for distance from spike to flag leaf ligule. Grain number was increased by Rht4 and Rht-B1b, but higher spike numbers was only observed in lines with Rht-B1b. Both Rht4 and Rht-B1b significantly reduced thousand kernels weight. Rht-B1b reduced above-ground biomass but increased grain yield and harvest index, while Rht4 had less effect on these traits, compared with tall lines under both well-watered and water-3 stressed conditions. The Rht4+Rht-B1b lines produced the highest yield under both water regimes, with more grain number, greater spike number and higher harvest index. In conclusion, Rht4 did not show advantages over Rht-B1b on grain yield, but Rht4+Rht-B1b did, in both water regimes, which suggests that Rht4 should be combined with Rht-B1b in wheat improvement.