Although atypical theta and alpha activity may be biomarkers of attention-deficit/hyperactivity disorder (ADHD) outcomes such as atypical affective processing and attention, the exact nature of the relations of these characteristics is unknown. We examined in age- and sex-matched adolescents (N = 132; Mage = 14.944, years, SD = .802) with and without ADHD, whether resting state (RS) theta and alpha power or theta and alpha event-related synchronization (ERS) during affect regulation (1) differ between adolescents with and without ADHD; (2) are differentially associated with event-related potential (ERP) and parent- and self-report measures of affective processing and inattention, given ADHD status and sex, and (3) are differentially lateralized, given ADHD status and sex. Adolescents with ADHD exhibited lower RS frontal-midline alpha power than adolescents without ADHD. In adolescents with ADHD, right parietal theta ERS was positively associated with the ERP measure of elaborate affective/motivational processing and right parietal RS alpha power was negatively associated with self-reported positive affectivity. In adolescents without ADHD, associations were nonsignificant. There was no disassociation of theta and alpha activity with affective processing and inattention. Consistent with clinical impressions, the between-group difference in frontal-midline theta ERS was more marked in boys than girls.