Research indicates that White adolescents tend to engage in greater levels of risk behavior relative to Black adolescents. To better understand these differences, the current study examined real-time changes in risk-taking propensity (RTP). The study utilized the Balloon Analogue Risk Task-Youth Version (BART-Y), a well-validated real-time, laboratory assessment of RTP. The sample included 224 adolescents (41% Black; M[subscript age] = 11 + 0.8 years old). Generalized Equations Modeling analyses indicated that Black adolescents showed greater RTP decreases over the course of the task relative to White adolescents. Findings suggested that both groups exhibited similar RTP at the beginning of the BART-Y, and that significant differences emerged as the task progressed. The differences in RTP remained after controlling for family income, gender, age, and past-year risk behaviors. RTP may be an important target of investigation when examining racial differences in adolescent risk behavior.