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Adolescents are typically characterized as impulsive with a preference for immediate rewards. Delay discounting (DD) is a key component of impulsivity which reflects their preference for a smaller immediate reward over a larger, delayed reward. Yet, many decisions that adolescents face do not only involve a choice between now and later, but also benefit for self and others. This study took the novel perspective of testing impulsivity in the context of DD where choices could affect outcomes of self and others. The current fMRI study focused on the neural mechanisms of DD for self and best friend. Participants were 96 adolescents (aged 10 - 19) who performed a DD task with the following conditions: 1) immediate reward vs. delayed reward for self (i.e., self now - self delay), 2), immediate reward vs. delayed reward for friend (i.e., friend now - friend delay), 3) immediate reward for friend vs. delayed reward for self (i.e., friend now - self delay), and 4) immediate reward for self vs. delayed reward for friend (i.e., self now - friend delay). Consistent with prior studies, behavioral results showed that adolescents discounted delayed rewards. Compared to other conditions, adolescents more often discounted rewards in the 'friend now - self delay' condition, but did so less often in the 'friend now - friend delay' condition, suggesting that they took into account benefit for the other. Across conditions, younger adolescents were more sensitive to reward magnitude than older adolescents. On a neural level, DD choices relative to a control condition bilaterally activated the lateral prefrontal cortex, caudate, and insula. Furthermore, decisions involving the friend elicited activation in social brain regions outside the DD network: the right temporo-parietal junction and precuneus, suggesting additive social consideration processes. Overall, this study highlights the importance of considering social contextual information to understand adolescents' impulsive behaviors and underlying neural mechanisms.