It is unclear whether physical activity and sedentary behavior are associated with economic development in low- and middle-income countries (LMICs). We aimed to assess the association between these two behaviors and country economic development among young adolescents in LMICs. Data came from the Global School-based Student Health Survey (GSHS) conducted between 2009 and 2016 in 68 LMICs. A total of 180,298 adolescents aged 12-15 years were included; 15.3% of young adolescents achieved the recommended level for sufficient physical activity (≥60 min/day of physical activity of any kind per week according to WHO) and 64.6% achieved a low sedentary behavior (≤2 h of sitting activities/day according to some guidelines, not accounting for sitting time at school or for doing homework). However, only 9.1% of young adolescents met the recommended levels of both behaviors. Comparing the lowest to the highest quintiles of a country's purchasing power parity per capita (PPP), mean values of both physical activity (boys: 2.55 to 2.96 days/week; girls: 2.10 to 2.31 days/week) and sedentary behavior(boys: 1.86 to 3.13 h/day; girls: 1.83 to 3.53 h/day) increased. The prevalence of having both recommended behaviors decreased among boys (12.0% to 10.0%) and girls (9.6% to 4.9%) (p < 0.001). Although there might be an ecological fallacy, the findings emphasize the need for interventions to increase physical activity and reduce sedentary behavior among children and young adolescents.