Girls with early pubertal timing are at elevated risk for teenage childbearing; however, the modifiable mechanisms driving this relationship are not well understood. The objective of the current study was to determine whether substance use, perceived peer substance use, and older first sexual partners mediate the relationships among girls’ pubertal timing, sexual debut, and teenage childbearing. Data are from Waves 1—15 of the female cohort of the National Longitudinal Surveys of Youth 1997 (NLSY97), a nationwide, ongoing cohort study of U.S. men and women born between 1980 and 1984. The analytic sample (n = 2066) was 12–14 years old in 1997 and ethnically diverse (51 % white, 27 % black, 22 % Latina). Using structural equation modeling, we found substance use in early adolescence and perceived peer substance use each partially mediated the relationships among girls’ pubertal timing, sexual debut, and teenage childbearing. Our findings suggest early substance use behavior as one modifiable mechanism to be targeted by interventions aimed at preventing teenage childbearing among early developing girls.