Adolescent physical performance is not only dependent on exercise but also on the role of antioxidants obtained through a healthy diet. However, few studies have specifically identified the relationship between carotenoids, a common antioxidant, and physical performance. This cross-sectional study aims to investigate the association between the level of carotenoids in the blood and physical performance among Korean adolescents aged 13 to 18 years. The study sample consisted of 450 participants (190 males, 260 females) from the 2018 National Fitness Award project. In boys, multiple regression analysis after adjustment for age, body mass index (BMI), smoking, drinking, and physical activity revealed that the α-carotene level was positively associated with a 20-m progressive aerobic cardiovascular endurance run (PACER) (β = 5.350, p < 0.05) and estimated maximal oxygen consumption (VO2max) (β = 1.049, p < 0.05). In girls, after adjustment for age, BMI, smoking, drinking, and physical activity, the levels of α-carotene were positively associated with a 20-m PACER (β = 3.290, p < 0.05), VO2max (β = 0.644, p < 0.05) and curl-up (β = 5.782, p < 0.05), and β-carotene (β = 2.983, p < 0.05) and total carotenoids (β = 4.248, p < 0.05) were positively associated with curl-up. Our results suggest that an increased level of carotenoids in the blood may be associated with better physical performance among adolescents in Korea.