Dual-process models of altruistic choice assume that automatic responses give way to deliberation over time, and are a popular way to conceptualize how people make generous choices and why those choices might change under time pressure. However, these models have led to conflicting interpretations of behaviour and underlying psychological dynamics. Here, we propose that flexible, goal-directed deployment of attention towards information priorities provides a more parsimonious account of altruistic choice dynamics. We demonstrate that time pressure tends to produce early gaze-biases towards a person’s own outcomes, and that individual differences in this bias explain how individuals’ generosity changes under time pressure. Our gaze-informed drift-diffusion model incorporating moment-to-moment eye-gaze further reveals that underlying social preferences both drive attention, and interact with it to shape generosity under time pressure. These findings help explain existing inconsistencies in the field by emphasizing the role of dynamic attention-allocation during altruistic choice.