Alcohol expectancies are important determinants of adolescent drinking, but this relationship may differ based on race/ethnicity. This study used time-varying effect modeling to examine racial/ethnic differences in positive and negative alcohol expectancies and their relationship with drinking among White, African American, and Hispanic youth. Youth reported alcohol expectancies and drinking frequency from 5th grade to 10th grade. African Americans initially endorsed higher positive alcohol expectancies than Whites, but the relationship with drinking was stronger among Whites. Hispanic youth reported slightly higher negative alcohol expectancies in high school, but the relationship between negative expectancies and alcohol use was comparable across groups. The effect of expectancies on alcohol use outcomes may be more robust for Whites, which warrants investigation of risk factors for minority youth.