Adolescent decision-making has been characterized as risky, and a heightened reward sensitivity may be one of the aspects contributing to riskier choice-behavior. Previous studies have targeted reward-sensitivity in adolescence and the neurobiological mechanisms of reward processing in the adolescent brain. In recent examples, researchers aim to disentangle the contributions of risk- and reward-sensitivity to adolescent risk-taking. Here, we discuss recent findings of adolescent's risk preferences and the associated neural mechanisms. We highlight potential frameworks that target individual differences in risk preferences in an effort to understand adolescent risk-taking, and with an ultimate goal of leveraging undesirable levels of risk taking.