When choosing between different options, we tend to consider specific attribute qualities rather than deliberating over some general sense of the objects’ overall values. The importance of each attribute together with its quality will determine our preference rankings over the available alternatives. Here, we show that the relative importance of the latent attributes within food rewards reliably differs when the items are evaluated in isolation compared to when binary choices are made between them. Specifically, we used standard regression and sequential sampling models to examine six datasets in which participants evaluated, and chose between, multi-attribute snack foods. We show that models that assume that attribute importance remains constant across evaluation and choice contexts fail to reproduce fundamental patterns in the choice data and provide quantitatively worse fits to the choice outcomes, response times, and confidence reports compared to models that allow for attribute importance to vary across preference elicitation methods. Our results provide important evidence that incorporating attribute-level information into computational models helps us to better understand the cognitive processes involved in value-based decision-making.