During adolescence, maladaptive risk behaviors such as alcohol, tobacco, and marihuana use increase. It has been suggested that interactive changes in reward sensitivity and cognitive control during adolescence condition changes in the propensity to engage in risky behavior. However, longitudinal data have been largely lacking to test such hypotheses. We used longitudinal data (two measurement time points, over two years) from an adolescent sample (Ν = 191) aged 9-19 years to examine whether changes in reward sensitivity and/or cognitive control are associated with changes in maladaptive risk behaviors (alcohol, tobacco, and marihuana use). Multiple behavioral tasks were used to assess reward sensitivity (Balloon Analog Risk Task [BART], Stoplight, Treasure Hunting Task [THT]) and cognitive control (Task Switching, Go/NoGo, Working Memory). The measurement model of reward sensitivity indicated that the three reward tasks could not be subsumed under a single factor. Results from separate models with behavioral tasks as manifest variables for reward sensitivity showed that adolescents did not engage in more maladaptive risk behaviors with age. However, cognitive control and reward sensitivity increased, and these changes were partially related. Specifically, adolescents with higher baseline levels of reward sensitivity (BART) showed fewer changes in cognitive control, whereas adolescents with higher baseline levels of cognitive control tended to be less likely to change in decisions under known gains (THT). The results showed that changes in cognitive control and reward sensitivity were related, but not to changes in unhealthy behavior, possibly because the developmental period covered in our sample was not large enough.