Abstract: Making decision in study-time allocation, and its effect on study result, are important contents in the field of study psychology. Learners adjusting strategy and its correlation with study performance in the context of punishment, however, have rarely been discussed. Our experiment was to address this question by using college students as participants. The result revealed that, no matter the condition of reward or punishment, all the participants chose high-reward items to study. And the participants of both groups (reward group and punishment group) tended to allocate more time on difficult and high-reward items. But the chosen proportion of low-reward items under the condition of punishment was significantly lower than that under the condition of reward. This pattern showed that punishment would exert impact on learner strategies. In addition, punishment also influenced study efficiency of easy items with low-reward. Although punishment and reward made changes to study decisions, neither did significantly impact the study performances. Our finding implied that different study decisions could produce similar study result under the various conditions.