Metacontrol refers to the human ability to dynamically adapt decision-making strategies to changes in internal and external demands. In this study, we investigated the development of metacontrol from adolescence into young adulthood as well as developmental differences in the sensitivity of metacontrol to framing effects. Adolescents and young adults were assessed with a decision-making task that dissociates model-free and model-based decision-making strategies. In this task, we manipulated outcome magnitude and outcome valence, i.e. the framing of outcomes. With increasing age, we found a greater adaptation of model-based decision making to outcome magnitudes. Model-based decision making was more pronounced for loss compared to gain frames but this framing effect did not differ with age. Our findings suggest that metacontrol continues to develop into young adulthood. While losses generally increase the motivation to invest cognitive resources into an effortful decision-making strategy, the development of metacontrol is not sensitive to framing effects.