The objective of this study is, through the relevant literature review, to point out the associations between risk-taking behavior during adolescence and positive illusions about the self, that is imaginary audience and personal fable ideations. Positive illusions about the self and risky behavior in adolescence are usually investigated as a direct result of adolescent egocentrism. in this study we briefly describe the main theoretical approaches of positive illusions about the self. Moreover, research findings are presented on the mediating role of self-esteem in the relationship between positive illusions about the self (mainly personal fable) and risk-taking in adolescence. also, we discuss age and gender effects on the complex phenomenon of risk-taking and we focus on adaptive developmental functions of positive illusions about the self. in particular, we focus on the dual function of the personal fable ideation: the illusions of omnipotence and invulnerability either lead adolescents and young adults to risk-taking, or they contribute both to a positive self-image projection in the future and to individuals’ functional adaptation to new situations in their transition from adolescence to adulthood.