Human-animal interactions that stem from pet ownership have a wide range of benefits for social, emotional, and physical health. These factors also tend to improve cognition. Following this logic, owning a pet could indirectly enhance cognitive and brain health through mechanisms like improvements in well-being, socialization, and decreased stress. In the present study, cross-sectional data were drawn from the Alabama Brain Study on Risk for Dementia in which 95 participants aged 20–74 were recruited. Specifically, 56 adults were pet-owners and 39 adults were not pet-owners. Multivariate analyses revealed that pet ownership was related to higher levels of cognition and larger brain structures, and these effects were largest in dog owners. The most consistent cognitive relationships were found with better processing speed, attentional orienting, and episodic memory for stories, and with dorsal attention, limbic, and default mode networks. Moreover, we show that owning a pet can reduce one’s brain age by up to 15 years. Pet ownership was not related to indirect factors including social, emotional, and physical health. We found also that older adults’ brain health benefited from owning more than one pet versus owning one or fewer pets. These findings indicate that pet ownership, especially dog ownership, may play a role in enhancing cognitive performance across the adult lifespan, which could in turn influence protection against age-related cognitive decline.