Background/Objectives: Energy drinks (EDs) are widely consumed by adolescents despite increasing evidence of adverse health effects. This study aimed to assess ED consumption patterns, risk perception, and associated factors among adolescents in the Principality of Asturias, Spain. Methods: A cross-sectional descriptive study was conducted between January and March 2025 in a sample of 1250 adolescents aged 13–18 years. Data were collected using an anonymous questionnaire assessing frequency and age at initiation of ED consumption, motives and contexts of use, perception of adverse effects, and co-occurrence with other risk behaviors. Descriptive analyses and linear regression models were performed to identify predictors of ED consumption. Results: Overall, 29.6% of participants reported occasional or habitual ED consumption. Consumption was significantly higher among upper secondary school students, particularly in social settings and during study-related activities (p < 0.001). ED consumption was significantly associated with other risk behaviors, including alcohol and tobacco use (p < 0.001). Additionally, 8.6% of adolescents reported that EDs have no adverse health effects. Male sex, alcohol consumption, and tobacco use were the main predictors of ED consumption. Conclusions: A substantial proportion of adolescents consume EDs, with early initiation and increasing consumption with age and educational level. Although some adverse effects are recognized, risk perception remains low. These findings underscore the need for preventive, educational, and regulatory strategies to reduce ED consumption and its normalization among adolescents.