We investigated the neural representation of reward probability recognition and its neural connectivity with other regions of the brain. Using functional magnetic resonance imaging (fMRI), we used a simple guessing task with different probabilities of obtaining rewards across trials to assay local and global regions processing reward probability. The results of whole brain analysis demonstrated that lateral prefrontal cortex, inferior parietal lobe, and postcentral gyrus were activated during probability-based decision making. Specifically, the higher the expected value was, the more these regions were activated. Fronto-parietal connectivity, comprising inferior parietal regions and right lateral prefrontal cortex, conjointly engaged during high reward probability recognition compared to low reward condition, regardless of whether the reward information was extrinsically presented. Finally, the result of a regression analysis identified that cortico-subcortical connectivity was strengthened during the high reward anticipation for the subjects with higher cognitive impulsivity. Our findings demonstrate that interregional functional involvement is involved in valuation based on reward probability and that personality trait such as cognitive impulsivity plays a role in modulating the connectivity among different brain regions.