Distinguishing between equity and equality is essential when making social and moral decisions, yet the related neurodevelopmental processes are unknown. Evaluations of contextually based third-party distributions incorporating recipient need and resource importance were examined in children and adolescents (N = 82; 8-16 years). Spatiotemporal neurodynamic responses show distinct developmental profiles to viewing such distributions. Event-related potentials (ERPs) differentially predicted real-life behaviors based on age, where older children's (8-10 years) evaluations were related to a fairly rapid, automatic ERP component (early posterior negativity), whereas adolescent and preadolescent (11-16 years) evaluations, first-person allocations, and prosocial behaviors were predicted by later, cognitively controlled ERP components (P3 and late positive potential). Together, these results reveal age-related changes regarding the neural responses that correspond to distributive justice decisions.