The current study investigated whether invulnerability manifests with adaptive and maladaptive outcomes during early adolescence. We sampled 248 (53% female; 63% Caucasian; [[X-bar]][subscript age] = 13.2 years) early adolescents on the Adolescent Invulnerability Scale (AIS), and measures of drug use, delinquency, depressive symptoms, and mastery and coping. The AIS demonstrated a two-factor structure, which captured whether adolescents felt invulnerable to danger or psychological risks. Danger Invulnerability positively predicted delinquency and drug use. Conversely, Psychological Invulnerability negatively predicted depressive symptoms but positively predicted mastery and coping. These results suggest that felt invulnerability leads to both benefits and risks for early adolescents. Implications and future research directions are discussed. (Contains 1 table.)