ObjectiveThe difference between positive and negative outcomes is important in trial‐and‐error decision‐making processes and affects corticospinal excitability. This study investigated corticospinal excitability during the performance of trial‐and‐error decision‐making tasks with varying competing behavioral outcomes.MethodsEach trial began with one of five colored circles presented as a cue. Each color represented a different reward probability, ranging from 10% to 90%. The subjects were instructed to decide whether to perform wrist flexion in response to the cue. Two seconds after the presentation of the cue, a reward stimulus (picture of a coin) or penalty stimulus (mauve circle) was randomly presented to the subject. If the picture of a coin appeared, the subjects received the coin after the experiment if they had performed wrist flexion, but not if they had not performed wrist flexion. If a mauve circle appeared, a coin was deducted from the total reward if the subjects had performed wrist flexion, but not if they had not performed wrist flexion. One second after the reward or penalty stimulus, transcranial magnetic stimulation was delivered to the primary motor cortex at the midpoint between the centers of gravity of the flexor carpi radialis (agonist) and extensor carpi radialis (antagonist) muscles.ResultsCumulative wrist flexions were positively correlated with reward probabilities. Motor evoked potential (MEP) amplitudes in agonist muscles were significantly higher when wrist flexion incurred a penalty than when it incurred a reward, but there was no difference in the MEP amplitudes of antagonist muscles.ConclusionPositive and negative behavioral outcomes differentially altered behavior and corticospinal excitability, and unexpected penalties had a stronger effect on corticospinal excitability for agonist muscles.