Adolescence is characterized by increased risk-taking, which is often ascribed to developmental changes in dopaminergic signaling. These behaviors are believed to result from dopamine-induced hypersensitivity to rewards which overrides cognitive self-control mechanisms that are still immature at this age. However, the link between dopaminergic changes and adolescent behavior is often based on oversimplified notions about the workings and functions of dopaminergic pathways. Here we discuss the relationship between changes in the dopaminergic system and adolescents’ impulsive and risky behaviors in light of current evidence and theories about the roles of dopamine in behavior. We show that dopamine is much more strongly linked to learning, adaptive decision-making under uncertainty and increased motivation to work for rewards than to recklessness, reward-pursuit and/or choice impulsivity. Importantly, changes in the dopaminergic system also contribute to the maturation of cognitive control abilities through a variety of mechanisms, contrary to the false dichotomy between reward processing and cognitive control. Finally, we note that the functions dopamine is implicated in also involve a number of other neuromodulator systems, which interact with dopamine and also change during adolescence. These other neuromodulator systems have largely been ignored in the field of adolescent development, but a full understanding of adolescent behavior requires these neurochemicals and their interactions with dopamine to be taken into account.