Crop growth in different periods influences the final yield. This study started from the agronomic mechanism of yield formation and aimed to extract useful spectral characteristics in different phenological phases, which could directly describe the final yield and dynamic contributions of different phases to the yield formation. Hyperspectral information of the winter wheat canopy was acquired during three important phases (jointing stage, heading stage, and grain-filling stage). An enhanced 2D correlation spectral analysis method modified by mutual information was proposed to identify the sensitive wavebands. The selected wavebands performed well with good mechanism interpretation and close correlation with important crop growth parameters and main physiological activities related to yield formation. The quantitative contribution proportions of plant growth in three phases to the final yield were estimated by determining the coefficients of partial least square models based on full spectral information. They were then used as single-phase weight factors to merge the selected wavebands. The support vector machine model based on the weighted spectral dataset performed well in yield prediction with satisfactory accuracy and robustness. This result would provide rapid and accurate guidance for agricultural production and would be valuable for the processing of hyperspectral remote sensing data.