Post-traumatic stress disorder (PTSD) is a prevalent and disabling condition occurring frequently among Veterans. However, among those diagnosed with PTSD, predictors of changes in PTSD symptoms over time remain incompletely characterized. In the current study, we examined 187 post-9/11 Veterans (Mean baseline age = 32.8 years, 87% male) diagnosed with PTSD who participated in two extensive clinical and cognitive evaluations approximately two years apart. Our analyses focused on the association between baseline measures predicting both continuous changes in PTSD symptoms and differences between groups with Improved, Chronic, and Worsened PTSD symptoms, defined by applying clinically meaningful and reliable change approaches. We found that better baseline inhibitory control (Color-Word Inhibition and Inhibition/Switching) and lower lifetime drinking history independently predicted greater PTSD symptom improvements over the two-year period, though current drinking and other clinical and cognitive variables were not significant predictors. Consistent with this, the Improved, Worsened, and Chronic PTSD groups demonstrated significant differences in baseline inhibitory control performance and lifetime drinking history, with the largest differences in drinking behavior in the early-to-mid 20s. We also found that PTSD symptom improvements were not significantly associated with improvements in inhibitory control or appreciable reductions in alcohol use. Together, these findings suggest that alcohol use and inhibitory control may reflect clinically important pre-existing factors rather than effects of PTSD symptomatology. These findings have implications for the treatment of PTSD, including monitoring vulnerable individuals at risk for more chronic PTSD and novel interventions targeting inhibitory control.