Active maintenance of information in working memory (WM) is an essential but effortful cognitive process. Yet, the effortful nature of WM remains poorly understood. Here, we constructed a model to evaluate how perceived effort of WM is directly compared to that of physical exertion. In Experiment 1, participants freely chose to either remember a certain number of colors in a visual WM task or hold a hand dynamometer to a required percentage of maximal voluntary contraction (%MVC) to obtain a fixed task credit upon successful task completion. We found that participants discounted WM-related effort in the same way as they discounted handgrip-related effort based on a computation of expected choice outcomes (hence utility) associated with different task loads. This rationality in an observer’s prospective choice in Experiment 1 was generalized to retrospective choice in Experiment 2 where participants reported which task was more effortful immediately after they had performed both tasks in a randomized order without any reward or feedback. Experiment 3 further probed this shared mechanism using a dual-task paradigm. As predicted by our model, we found that physical exertion could disrupt the performance in the concurrent WM task, proportional to the iso-effort relationship between WM and physical exertion when task loads were high for both tasks. Collectively, our findings converge on a shared computational principle connecting task load, perceived effort, and choice utility across physical and cognitive domains. (PsycInfo Database Record (c) 2023 APA, all rights reserved).