The purpose of this study was to examine the roles that values and the family environment play in young adult engagement in risky behavior. One hundred seventy-two male and female college students between the ages of 18-25 completed a demographics questionnaire, the Aspirations Index which measures seven life-goal contents that represent different values, the Cognitive Appraisal of Risky Events that assesses young adults’ perceptions of the risks and benefits associated with involvement in risky activities as well as past involvement in risky behaviors and the Family Environment Scale to assess participants' perceptions of their current family environment. A series of regression analyses were then used to assess the relationship between three dimensions of the family environment and risky behavior involvement and the relationship between participants' intrinsic and extrinsic values and perceived positive consequences and negative consequences of risky behavior. Results from this study supported the idea that certain dimensions of the family environment are related to risk-taking behavior in emerging adults; however, contrary to previous research, the relationship dimension of the family environment was not predictive of young adult risk-taking. Moreover, family activities that communicate family values did not contribute any additional information to the prediction of risk-taking behavior. Findings …