Background: Adolescence is defined as a period with multiple and intertwined physical, psychological, and social developments during which risky behaviors increases. Various factors affect the tendency and occurrence of risky behaviors. Time perspective (TP) is defined as the role of time and attitude toward time in affairs and behaviors. Executive functioning skills allow an individual to perceive stimuli from his or her environment, respond adaptively, flexibly change direction, anticipate future goals, consider consequences, and respond in an integrated or commonsense way. Objectives: This study aimed to predict risky behaviors based on TP in Iranian adolescents by emphasizing the mediating role of decision making and inhibitory response. Patients and Methods: Path analysis was used to evaluate the relationship between components of TP and risky behaviors with mediator variables, decision making, and inhibitory response among 804 high school adolescent students (including 470 males and 334 females) in Sanandaj, Iran. All participants were asked to complete the Iranian Adolescent Risk Scale and Time Perspective Scale and perform 2 computer tasks [i.e., Go/No-Go and Balloon Analogue Risk Task (BART)]. SPSS version 26 and AMOS version 24 were used to analyze direct and indirect relationships. Results: There was a significant relationship between the components of TP and the tendency to risky behaviors. Risky decision-making and inhibitory response had a significant effect on 3 aspects of TP in predicting adolescents’ risky behaviors. These effects were both direct and indirect, of which the former effect was created by mediating the decision-making and inhibitory response. Conclusions: The components of TP, decision-making, and inhibitory response predict risky behaviors in adolescents.