Productive procrastination replaces one adaptive behavior with another adaptive—albeit less important—behavior (e.g., organizing notes instead of studying for an exam). We identified adaptive and maladaptive procrastination styles associated with academic and alcohol outcomes in 1,106 college undergraduates. Cluster analysis identified five academic procrastination styles—non‐procrastinators, academic productive procrastinators, non‐academic productive procrastinators, non‐academic procrastinators, and classic procrastinators. Procrastination style differentially predicted alcohol‐related problems, cravings, risk of alcohol use disorders, and grade point average (all ps < .01). Non‐procrastination and academic productive procrastination were most adaptive overall; non‐academic productive procrastination, non‐academic procrastination, and classic procrastination were least adaptive. Productive procrastination differed from other procrastination strategies, and maladaptive procrastination styles may be a useful risk indicator for preventative and intervention efforts.