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Teenagers are typically described as impulsive and risk taking. Yet recent research shows that this observation does not hold in all contexts. Rather, adolescents show higher impulsivity and risk taking than children or adults in affective contexts. Motivational and affective processes are therefore of particular interest when trying to understand typical adolescent behavior. Additionally, pubertal hormones are hypothesized to play a special role in adolescents’ motivated decision making. However, evidence for the mechanisms underlying this relationship is sparse. In this chapter, we aim to integrate findings from human and animal studies in order to elucidate the specific impact of pubertal hormones on motivational processes in adolescence. Against this background, we critically discuss and reinterpret recent findings in psychology and neuroscience, speculate about underlying mechanisms, and suggest new approaches for future studies of adolescent behavior.