To extract the sensitive bands for estimating the winter wheat growth status and yields, field experiments were conducted. The crop variables including aboveground biomass (AGB), soil and plant analyzer development (SPAD) value, yield, and canopy spectra were determined. Statistical methods of correlation analysis, partial least squares (PLS), and stepwise multiple linear regression (SMLR) were used to extract sensitive bands and estimate the crop variables with calibration set. The predictive model based on the selected bands was tested with validation set. The results showed that the crop variables were significantly correlated with spectral reflectance. The major spectral regions were selected with the B-coefficient and variable importance on projection (VIP) parameter derived from the PLS analysis. The calibrated SMLR model based on the selected wavelengths demonstrated an excellent performance as the R2, TC, and RMSE were 0.634, 0.055, and 843.392 for yield; 0.671, 0.017, and 1.798 for SPAD; and 0.760, 0.081, and 1.164 for AGB. These models also performed accurately and robustly by using the field validation data set. It indicated that these wavelengths retained in models were important. The determined wavelengths for yield, SPAD, and AGB were 350, 410, 730, 1015, 1185 and 1245 nm; 355, 400, 515, 705, 935, 1090, and 1365 nm; and 470, 570, 895, 1170, 1285, and 1355 nm, respectively. This study illustrated that it was feasible to predict the crop variables by using the multivariate method. The step-by-step procedure to select the significant bands and optimize the prediction model of crop variables may serve as a valuable approach. The findings of this study may provide a theoretical and practical reference for rapidly and accurately monitoring the crop growth status and predicting the yield of winter wheat.