Sweden has a long tradition of restrictive policies regarding both legal (such as alcohol and cigarettes) and illegal substances (such as cannabis and amphetamine). However, research is needed on how regulatory frameworks and cultural understandings of substance use play out in the lives of young adults. Utilizing the logics of critical explanation framework, I explore the different logics that young Swedes draw upon when they conceptualize legal and illegal substance use. The data included 30 interviews with 21/22-year-olds who had previously participated in a prospective cohort study. The analysis shows that substance use played a minor role in the participants’ lives. Overall, it represented an obstacle to becoming an adult with a good life. They drew on social logics related to responsibility, ambition, and health to make sense of substance use, regardless of its legal status. These social logics have been used to explain previous years’ decreased use of cigarettes and alcohol among young people, and this study shows that they may also elucidate why illegal substance use is still rare in this group in Sweden. The analysis further suggests that these social logics were naturalized through the political logics of risk and choice, which emphasize the ideal of always being vigilant and safe. To dig deeper into this discourse, I uncover the emotional and ideological dimensions of the participants’ conceptualizations by discussing how they articulate beatific or horrific futures. The beatific future holds a promise of a bright, independent, and productive life, which includes abstaining from substances or using them moderately and responsibly. The horrific, in turn, holds that careless substance use will lead to social exclusion, addiction, and death. The participants’ hopes and fears strengthened the neoliberal idea that a good life is achieved through choice, vigilance, and by avoiding risk.