This study distinguishes different patterns of friendship quality in terms of support from and conflict with friends, and reciprocity. Associations between friendship patterns and adolescents' adjustment (self-perception, expectations for the future, depressive feelings, sense of alienation, lying, disobedience, and aggression) were hypothesized to be moderated by family stress and friendship reciprocity. The sample comprised 622 adolescents of both genders, aged 14 to 20 years. We administered a questionnaire, including the Friendship Quality Scale and a peer nomination, twice at a 6-month interval. We identified two patterns of stable friendships: high (47%) and low (37%) quality. In two other groups, friendship quality changed over time, either from low to high (7%), or from high to low (9%). Of all adolescents, 58% had reciprocal and stable friends and 42% had unilateral friends. Under conditions of high family stress, supportive friendships do not have a positive effect on expectations for success and sense of alienation. Reciprocal friendship promotes higher levels of lying and disobedience but also protects against aggression. Summarizing, the effects of friendship quality can be moderated, either diminishing or exacerbating it, by other context factors.