Early life adversity is associated with many negative health, behavioral, and cognitive outcomes. However, the causal mechanisms underlying these associations remain obscure, making it difficult to design targeted interventions for individuals most at risk. Current approaches focus almost exclusively on event exposures, but given that data using these approaches have been inconsistent, there is a need for new models for characterizing adversity. We propose the Topological Approach to Adversity and Development, which, rather than focusing on the types of events children encounter, prioritizes understanding how children perceive, interpret, and make meaning of their circumstances. A focus on the developmental dimensions that contribute to how individuals interpret and learn to respond to potentially challenging life circumstances could renew and advance mechanistic accounts of childhood adversity. Such an approach has implications for the basic science of human stress responding as well as practical implications for improvements to individual well-being and health.