How stimulant drugs affect risky choice and the role of reinforcement magnitude has been an important question for research on impulsivity. This study investigated rats’ responding on a rapid acquisition, concurrent chains, probability discounting task under methamphetamine administration. In each block of four sessions, probability of reinforcement delivery was unequal (0.5/1.0, 1.0/0.5) or equal, (1.0/1.0, 0.5/0.5) while amount of reinforcement was constant and unequal. This allowed for an estimate of probability discounting and the magnitude effect (where larger reinforcers are discounted at a greater rate) in each block. Baseline, acute and chronic methamphetamine administration, and re-establish baseline phases were completed. Rats showed sensitivity to probability and magnitude in baseline, as well as a magnitude effect whereby preference for the larger reinforcement was greater with 100% than 50% reinforcement probability. Acute methamphetamine dose-dependently reduced the probability effect. There were no effects of chronic administration and only probability discounting was maintained in the re-establish baseline phase. This was the first procedure to find a magnitude effect with rats in a probability discounting procedure and demonstrates that acute methamphetamine reduces both the probability and magnitude effects which increases propensity for risky choice.