Social and environmental influences are important for learning. However, the influence of reward and competition during social learning is less understood. In this study, we used functional magnetic resonance imaging (fMRI) to determine the role of hot and cool executive functioning (EF) in reward processing and its relationship to performance under social competition. A review of the literature found the ventromedial prefrontal cortex (VMPFC) is implicated in hot EF, while dorsolateral prefrontal cortex (DLPFC) is related to cool EF. In addition, reward processing deficits are associated with atypical connectivity between nucleus accumbens and dorsofrontal regions. Thus, we adapted a reward-based n-back task in a social competition game to examine the neural correlates of hot and cool EF and the reward influence on performance during social competition. 29 healthy adults showed cortical activation to be related to individual differences in EF abilities during fMRI scans. Hot and cool EF activated distinct networks (in addition to DLPFC and VMPFC) differentially during no-competition and competition conditions. Further analysis revealed correlations between the Hot-Cool network and working memory, reward sensitivity and risk-taking behaviour. The findings provided further insights on the neural basis of hot and cool EF engagement in socio-emotional regulation for learning.