Emotion regulation is critical for adolescent functioning. Theories on the subject have evolved rapidly in recent years and have led to a more contextualized and dynamic conceptualization of emotion regulation processes. In this paper, based on the distinction between emotion regulation strategies and abilities, we propose future directions for research on emotion regulation development in adolescence. We first present evidence that emotional, cognitive, and social changes that occur in adolescence are central in emotion regulation development. We then review empirical findings on emotion regulation development by tying them to their conceptual foundations. We discuss their limitations and argue that building better conceptual clarity is essential to study emotion regulation. Because current knowledge on recent concepts that emerged in adult‐based models remains limited and contested in adolescence, we end this article by discussing new research perspectives to provide a better understanding of the topic. We stress the need for researchers in the field to adopt a more contextualized and person‐oriented approach, to combine different time scales and methods, and examine the predictors of emotion regulation as well as its outcomes.