Children’s understanding of rewards for task completion was examined in the context of gender, and gender-based stereotypes. Eighty-eight children (43 girls, Moverall = 58.39 months) completed a measure assessing gender-based occupational stereotypes. This measure, along with gender, was used to predict children’s self-reward for undergoing the testing, as well as their reward for a fictional other child having undergone the same procedure. The methodology provided a novel approach for studying reward allocation in children, as it did not require children to divide resources between themselves and another child for completing the same task. An occupation-based stereotype measure was found to predict the self-reward, as well as the reward allocated to the other child. In addition, the participant’s gender predicted self-reward, and an interaction between participant gender and gender of the experimenter contributed to predicting the other child reward. Overall, these findings suggest that gender and gender-based stereotyping have an impact on reward allocation of young children. Implications of these results in the context of reward allocation research among children and adult populations are discussed.