Adolescence is a critical period of rapid biological and social development and early signs of adult mental disorders emerge during this life stage. Previous studies suggest that mentalizing failures, specifically difficulties in reflective functioning (RF) are linked with psychological symptoms. However, relatively little is known about the association between RF and psychological adaptation in typical development. In this study, the relationship between RF, internalizing and externalizing symptoms were investigated in 95 adolescents using the revised Reflective Functioning Scale-Adolescent version. Results indicate that RF is associated with more self-reported internalizing symptoms. Moreover, the relationship between RF and externalizing symptoms are accounted for by the co-occurrence of internalizing and externalizing symptoms in typically developing adolescents. The implications of these findings are discussed and suggestions for future studies are presented.