Dylan McIndoe, 17, was reported missing after he left a barbecue in Buckhaven, Fife, in the early hours of Sunday morning.
He apparently intended to walk home to Kirkcaldy but never arrived.
A member of the public discovered a body near Coaltown of Wemyss, Fife, on Monday afternoon.
Police Scotland confirmed the body is that of Mr McIndoe.
The force has carried out a thorough examination of the scene and said there are no suspicious circumstances.