The objective of the present study was to determine whether and how personality predicts the developmental course of externalizing problems, including antisocial behavior and substance dependence. In a large, population‐based longitudinal study (N = 1,252), the 11 personality traits assessed by the Multidimensional Personality Questionnaire were measured at age 17, and DSM diagnoses of adult antisocial behavior, alcohol dependence, and drug dependence were obtained at ages 17, 20, 24, and 29. We fit a quadratic multiple indicator latent growth model where the three diagnoses loaded onto an externalizing factor. This model fit the data well, and externalizing increased until it started to decline at age 24. High aggression and low control were the most significant predictors of the development of externalizing, with aggression playing a significant role in the development of externalizing across the 12‐year time span, and control predicting the development from age 17 to 24. The findings highlight the importance of considering the developmental course of externalizing in the context of personality and suggest that the specific personality traits of aggression and control might be targeted in externalizing prevention and intervention programs.