The maturation of key corticolimbic structures and the prefrontal cortex during sensitive periods of brain development from early life through adolescence is crucial for the acquisition of a variety of cognitive and affective processes associated with adult behavior. In this chapter, we first review how key cellular and circuit level changes during adolescence dictate the development of the prefrontal cortex and its capacity to integrate contextual and emotional information from the ventral hippocampus and the amygdala. We further discuss how afferent transmission from ventral hippocampal and amygdala inputs displays unique age-dependent trajectories that directly impact prefrontal functional maturation through adolescence. We conclude by proposing that time-sensitive strengthening of specific corticolimbic synapses is a critical contributing factor for the protracted maturation of cognitive and emotional regulation by the prefrontal cortex.