In cost-benefit decision-making, women and men often show different trade-offs. However, surprisingly little is known about sex differences in instrumental tasks, where physical effort is exerted to gain rewards. To this end, we tested 81 individuals (47 women) with an effort allocation task, where participants had to repeatedly press a button to collect food and money tokens. We analyzed the motivational phases of invigoration and effort maintenance with varying reward magnitude, difficulty, and reward type. Whereas women and men did not differ in invigoration, we found that women showed higher effort maintenance as well as higher subjective wanting and exertion ratings for small rewards compared with men. Notably, men increased their effort more than women for higher rewards to match women’s levels of performance. Crucially, we found no sex differences depending on reward type or difficulty, indicating that sex differences were specific to the encoding of the magnitude of benefits, not costs. To summarize, women exerted higher physical effort for small rewards, which corresponded with an elevated subjective value in women compared with men. Therefore, sex differences in perceived reward magnitude may contribute to differential behavioral preferences highlighting the potential of cost-benefit decision-making to provide insights about potential mechanisms.