Adolescent alcohol use is relatively common, and risky levels of teenage use remains a pressing issue worldwide. Peer, social, and school environments can influence adolescents’ risky alcohol use via both protective and risk effects, though the former has been less studied. In this chapter, we highlight developmental issues which make alcohol use a cause for concern during this formative developmental period. Drawing on the empirical literature in developmental, social, and health psychology, we examine the role of age-specific hazards and protective assets for risky alcohol use across adolescent environments. In particular, we consider identity, peer contexts and social norms, and school climate and supports as contexts for enhancing youth assets and preventing or mitigating adolescents’ risky drinking. We conclude with a summary of directions forward.