Prior research has demonstrated the importance of low self-control and corporal punishment exposure as risk factors for the development of aggressive behaviors. However, much less is known about the interplay between these two factors, that is, the extent to which they each contribute uniquely to aggression and/or interact synergistically to create a profile of particularly severe risk. Similarly, high self-control may be a moderating protective factor that helps explain why only a subset of individuals exposed to corporal punishment develop high levels of aggression. Data from the longitudinal Zurich Project on the Social Development from Childhood to Adulthood (z-proso) were used to address this question. Students completed self-report surveys at three time points; ages 11 (n = 1144; 51% males, 49% females), age 13 (n = 1366; 51% males, 49% females) and age 15 (n = 1447, 52% males and 48% females). An autoregressive cross-lagged panel model was used to examine self-control as a protective factor with both a direct effect and as a moderator of the links between corporal punishment and adolescent aggression across time. The results indicated that self-control was a protective factor against concurrent aggression. However, when considering the longitudinal effects, the protective capabilities of self-control differed depending on the stage of adolescence, gender and levels of exposure to risk. There was no consistent moderating effect of self-control. However, findings suggest that interventions that address low self-control are likely to be beneficial due to their direct effects on aggression, rather than by weakening the effects of exposure to harsh punishment.