Despite considerable interest in impulsive choice as a predictor of a variety of maladaptive behaviors, the mechanisms that drive choice behavior are still poorly understood. The present study sought to examine the influence of one understudied variable, reward magnitude contrast, on choice and timing behavior as changes in magnitude commonly occur within choice procedures. In addition, assessments of indirect effects on choice behavior through magnitude-timing interactions were assessed by measuring timing within the choice task. Rats were exposed to choice procedures composed of different pairs of magnitudes of rewards for either the smaller-sooner (SS) or larger-later (LL) option. In Phase 2, the magnitude of reward either increased or decreased by 1 pellet in different groups (LL increase = 1v1→1v2; SS decrease = 2v2 → 1v2; SS increase = 1v2 → 2v2), followed by a return to baseline in Phase 3. Choice behavior was affected by the initial magnitudes experienced in the task, demonstrating a strong anchor effect. The nature of the change in magnitude affected choice behavior as well. Timing behavior was also affected by the reward contrast manipulation albeit to a lesser degree and the timing and choice effects were correlated. The results suggest that models of choice behavior should incorporate reinforcement history, reward contrast elements, and magnitude-timing interactions, but that direct effects of reward contrast on choice should be given more weight than the indirect reward-timing interactions. A better understanding of the factors that contribute to choice behavior could supply key insights into this important individual differences variable.