Social and environmental influences are important for learning. However, the influence of reward and competition during social learning is less understood. The literature suggests that the ventromedial prefrontal cortex is implicated in hot executive functioning (EF), while the dorsolateral prefrontal cortex is related to cool EF. In addition, reward processing deficits are associated with atypical connectivity between the nucleus accumbens and the dorsofrontal regions. Here, we used functional magnetic resonance imaging (fMRI) to determine the role of hot and cool EF in reward processing and their relationship to performance under social competition. We adapted a reward-based n-back task to examine the neural correlates of hot and cool EF and the reward influence on performance during competition. A total of 29 healthy adults showed cortical activation associated with individual differences in EF abilities during fMRI scans. Hot and cool EF activated distinct networks in the right insula, hippocampus, left caudate nucleus, and superior parietal gyrus during the no-competition task, while they differentially activated the right precuneus and caudate nucleus in the competition condition. Further analysis revealed correlations between the Hot-Cool network and reward sensitivity and risk-taking behaviour. The findings provided further insights into the neural basis of hot and cool EF engagement in the socio-emotional regulation for learning.