Although much is known about the maladaptive outcomes experienced by children of alcoholics (CC)As), less is known about the impact of parental alcoholism on aspects of positive functioning. The current study explored the development of perceived control and active coping within a sample, of COAs and demographically matched non-COAs who were followed from adolescence through emerging adulthood. Structural equation modeling was used to test both a mediation model and a moderation model. The mediation model hypothesized that COAs would have lower levels of frustration tolerance and family organization, which would impair the development of later perceived control and active coping, whereas the moderation model tested whether these relations differed for COAs and non-COAs. The mediation model fit the data well. In adolescence, COAs demonstrated significantly lower levels family organization, frustration tolerance, perceived control, and marginally lower levels of active coping than did non-COAs. Greater frustration tolerance (but not family organization) in adolescence was associated with significantly higher levels of active coping and marginally higher levels of perceived control during early emerging adulthood. Both active coping and perceived control showed rank-order stability from adolescence through emerging adulthood. The moderational model was not supported. The findings highlight the need for further exploration of frustration tolerance, and more broadly, self-regulatory tendencies, within COA populations.