(1) Background: Dynamic knee valgus (DKV) is a common biomechanical risk factor for knee injuries, particularly in sports involving high-intensity movements, such as basketball. While neuromuscular control and structural alignment contribute to DKV, recent evidence indicates that lower limb muscle power (LLMP) and cardiorespiratory fitness (CRF) may significantly influence DKV. This study aims to examine the relationship among LLMP, CRF, and DKV in adolescent basketball athletes. (2) Methods: A total of 104 adolescent basketball athletes (63.5% boys), 12 to 17 years old (13.87 +/- 1.46 years) participated in this study. Anthropometric and demographic characteristics such as sex, age, height, weight, and body mass index (BMI) were recorded. The Counter Movement Jump (CMJ) was used for the evaluation and prediction of the LLMP, the 20 m shuttle run test (20mSRT) was used for the evaluation and prediction of CRF, and the single-leg drop jump (SLDJ) was used for the evaluation of DKV via a two-dimensional (2D) kinematic analysis. Statistical analysis included Pearson and Spearman correlations, as well as multiple linear regression, to determine the relationship among LLMP, CRF, and DKV. (3) Results: A statistical analysis revealed strong correlations among LLMP, CRF, and DKV. Pearson's correlation coefficients demonstrated significant associations between the VO(2)max and frontal plane projection angle (FPPA) (r = 0.78, p < 0.001), as well as between LLMP and FPPA (r = 0.82, p < 0.001). Multiple linear regression analysis showed that VO(2)max and LLMP together accounted for 85% of the variance in FPPA (R-2 = 0.85, p < 0.001). (4) Conclusions: The findings highlight that both aerobic capacity and lower limb muscle power significantly contribute to knee valgus control among adolescent basketball players. Implementing training programs focused on improving lower limb muscle power and cardiorespiratory fitness may enhance knee stability and reduce the risk of lower limb injuries. Given the strong predictive value of VO(2)max and LLMP for knee control, targeted training programs focusing on neuromuscular conditioning and aerobic capacity may be effective for injury prevention.