The development of children adopted from institutional care overseas offers a relatively unique opportunity to examine the impact of early deprivation that is not followed by continued adversity. In this talk I will consider the impact of these children’s early deprivation on neurobiological stress-mediating systems. Our findings show that early life stress has long-term implications for the development of the stress- and emotion-regulatory systems. However, we also find evidence that puberty may provide an opportunity to re-calibrate some of these systems. Implications of these findings for the mental and physical health of children who experience deprivation and neglect early in life will be discussed.