BACKGROUND: People with early-life experiences of deprivation are more likely to develop psychotic symptoms. While the mechanisms of this relationship are poorly understood, research suggests a role of cortical development. METHODS: In 6323 youth from the Adolescent Brain Cognitive Development study, we examined associations between total, material, interpersonal, cognitive and neighbourhood deprivation at age 9-11 years and psychotic-like experiences (PLEs) 2 years later. We then investigated whether associations were mediated by variation in cortical volume at baseline or rate of change from baseline to follow-up. Sex-specific effects were examined throughout. RESULTS: All deprivation measures were associated with greater PLEs. Most of these associations were partially mediated by variation in cortical structure in widespread regions, including lower baseline cortical volume in ventral visual and sensorimotor regions and particularly in females, steeper cortical volume decline in association areas. CONCLUSIONS: Early-life deprivation may be associated with psychotic-like experiences via disruption to cortical structure. This phenomenon is common to several forms of deprivation and continues into early adolescence in certain regions.