PurposeUnderstanding self‐rated health in young people can help orient global health actions, especially in regions of social vulnerability. The present study analysed individual and contextual factors associated with self‐rated health in a sample of Brazilian adolescents.Design and MethodsCross‐sectional data from 1272 adolescents (aged 11–17; 48.5% of girls) in low human development index (HDI) neighbourhoods were analysed (HDI from 0.170 to 0.491). The outcome variable was self‐rated health. Independent variables relating to individual factors (biological sex, age and economic class) and lifestyle (physical activity, alcohol, tobacco consumption and nutritional state) were measured using standardised instruments. The socio‐environmental variables were measured using neighbourhood registered data where the adolescents studied. Multilevel regression was used to estimate the regression coefficients and their 95% confidence intervals (CI).ResultsGood self‐rated health prevalence was of 72.2%. Being male (B: −0.165; CI: −0.250 to −0.081), age (B: −0.040; CI: −0.073 to −0.007), weekly duration of moderate to vigorous physical activity (B: 0.074; CI: 0.048–0.099), body mass index (B: −0.025; CI: −0.036 to −0.015), number of family healthcare teams in the neighbourhood (B: 0.019; CI: 0.006–0.033) and dengue incidence (B: −0.001; CI: −0.002; −0.000) were factors associated with self‐rated health among students from vulnerable areas.Conclusions/Practical ImplicationsApproximately three in every 10 adolescents in areas of social vulnerability presented poor self‐rated health. This fact was associated with biological sex and age (individual factors), physical activity levels and BMI (lifestyle) and the number of family healthcare teams in the neighbourhood (contextual).