It is unknown whether an acute bout of calorie-matched aerobic and resistance exercise alters food reward in a similar manner. Thus, we examined the effects of isocaloric resistance and aerobic exercise sessions on acute food reward. Sixteen men and women (age: 21.9 ± 2.6 years; BMI: 22.8 ± 1.8 kg/m2) participated in three randomized crossover sessions: aerobic exercise, resistance exercise, and sedentary control. The target exercise energy expenditure was matched at 4 kcal/kg of body weight, and performed at 70% of VO2peak or 12 repetition-maximum (equivalent to 70% of 1 repetition-maximum). A validated computer task assessed the wanting and liking for visual food cues following exercise, and following an ad libitum lunch. Decreases in the relative preference for high vs. low fat foods were noted following exercise compared to the control session, and this was independent of modality (aerobic: P = 0.04; resistance: P = 0.03). Furthermore, the explicit liking for high vs. low fat foods was lower following resistance exercise compared to the control session (P = 0.04). However, these changes in food reward were not correlated with changes in energy intake (EI) between sessions. Exercise, independent of modality, led to decreases in the relative preference for high fat relative to low fat foods. Additionally, decreases in the hedonic “liking” of high fat foods following resistance, but not aerobic, exercise may imply that modality does influence acute food hedonic responses. However, these decreases in food hedonics were not related to lower EI, thus suggesting that a dissociation may exist between food hedonics and actual EI.