Adolescence is a critical period of development involving changes in various regions of the brain often resulting in the presentation of many mental disorders. Anhedonia, or the loss of pleasure in response to rewards, is a major symptom of depression. Because of the potential relationship between reward processing and depression, it is possible that developmental changes in the reward system may relate to the severity of depressive symptoms across adolescence. While we did not identify a significant relationship between the reward system and depressive symptom development across adolescence, our analyses revealed that increases in average depressive severity was associated with the maturation of one of the brain’s key reward structures. This finding suggests that interactions between reward function and depression are more complicated than initially expected and factors like early life stress may impact both the reward system and depression development.