A braking system for a personal watercraft includes at least one brake plate for mounting to the transom of a personal watercraft such that the jet nozzle of the watercraft is directionally adjustable independently of the braking system. The brake plate is alternatable between a nonbraking condition wherein the plate is retracted against the transom and is held completely above a lower edge of the transom, and a braking condition where the brake plate extends beyond the lower edge of the transom. A hand-controlled actuator assembly selectively alternates the brake plate between the braking and nonbraking conditions.