Though stress is a ubiquitous experience across the lifespan, exposure to stress during infancy, childhood, and adolescence – when development is especially pronounced – has particularly salient effects on the developing brain and behavior. We review current theory regarding typical development of the neurobiological systems underlying the stress response in humans. Against this backdrop, we highlight ways in which exposure to stress can manifest in altered neurobiological development, focusing on implications for the development of frontolimbic circuitry. We emphasize the importance of harnessing a dimensional approach to investigating the impact of stress exposure and describe three features of stress exposure – stressor type, caregiver involvement, and developmental timing – as particularly important factors that may help to elucidate more precise mechanisms by which stress affects the developing brain. Finally, we review methodological considerations for further study of the neurobiological systems underlying stress and coping, and briefly review implications for both clinical practice and policy.