Background/Objectives: The increasing popularity of acute supplementation among young athletes is concerning, given the limited scientific evidence to guide recommendations specific to this group. Therefore, the aim of this systematic review was to synthesize the available scientific evidence on the acute effects of supplementation in young athletes to understand the impact on physical and cognitive performance. Methods: Following pre-registration on INPLASY (INPLASY202310017) and according to the PRISMA (Preferred Reporting Items for Systematic Reviews and Meta-Analyses) guidelines, systematic searches of three electronic databases (Web of Science, PubMed, and Scopus) were conducted by independent researchers from inception until July 2024. Only original studies in English that examined the acute effects of supplementation on young athletes’ physical and/or cognitive performance, specifically when taken on the same day as exercise (before or during), were included. The risk of bias was individually assessed for each study using the revised Cochrane risk of bias tool for randomized trials (RoB 2.0). Results: A total of 16 studies were included in the review. A range of ages, participants, sports, and methodological approaches were involved in the studies included in the current review. The studies mainly used carbohydrates, beetroot juice, and sodium citrate, with carbohydrates being the most used acute supplementation. Carbohydrate supplementation enhanced endurance capacity and increased blood glucose, but mixed results were found for anaerobic performance. Mixed results were found for beetroot juice, with one study finding increases in power production. One study used sodium citrate supplementation, with improvements in technical performance observed. Conclusions: Since this review identified only three substances meeting our eligibility criteria, further research is needed to confirm the acute effects of supplements in young athletes and to better understand their benefits and limitations. Carbohydrate supplementation shows strong evidence for enhancing endurance performance, particularly during prolonged activities, while sodium citrate appears to support the preservation of skill performance. In contrast, the effects of beetroot juice are less consistent. Additional research is required to confirm the acute effects of supplements like beetroot juice in young athletes.