Although future orientation (FO) has been empirically linked with resilience, literature concerning the factors and the mechanisms that play a role in promoting positive FO among at‐risk youth is scarce. This study investigated the contribution of mentoring to the FO of at‐risk youth and the mediating role of their perceived life skills in this relationship. The participants included 198 adolescents (16–19 years old) from 11 schools for at‐risk youth in Israel. Structural equation modelling indicated that while youths’ FO and their mentoring relationships were significantly correlated, this association was fully mediated by youths’ life skills. In light of these results, the role of meaningful mentoring relationships in promoting positive youth development was discussed. An important implication of these findings is that educational settings for at‐risk youth should integrate programs that address youths’ perception of their future and ways to better prepare for it, both practically and mentally.