This study examined whether cognitive control mediated the association between socioeconomic status (SES; composite of income‐to‐needs ratio and parent education) and changes in risk‐taking behaviors. The sample included 167 dyads of adolescents (53% male; M
age = 14.07 years at Time 1) and their parents, assessed annually across 4 years. Parents reported socioeconomic variables at Time 1. Adolescents reported risk‐taking behaviors at Times 1 and 4, and completed a functional magnetic resonance imaging cognitive control task at Times 2 and 3. Lower SES was associated with lower behavioral (but not neural) cognitive control, which was associated with increases in risk‐taking behaviors. The findings suggest that elevated socioeconomic risk may compromise cognitive control which can cascade into maladaptive behaviors in adolescence.