Motivation is often thought to enhance adaptive decision-making by biasing actions toward rewards and away from punishment. Emerging evidence, however, points to a more nuanced view whereby motivation can both enhance and impair different aspects of decision-making. Model-based approaches have gained prominence over the past decade for developing more precise mechanistic explanations for how incentives impact goal-directed behavior. In this Special Focus, we highlight three studies that demonstrate how computational frameworks help decompose decision processes into constituent cognitive components, as well as formalize when and how motivational factors (e.g., monetary rewards) influence specific cognitive processes, decision-making strategies, and self-report measures. Finally, I conclude with a provocative suggestion based on recent advances in the field: that organisms do not merely seek to maximize the expected value of extrinsic incentives. Instead, they may be optimizing decision-making to achieve a desired internal state (e.g., homeostasis, effort, affect). Future investigation into such internal processes will be a fruitful endeavor for unlocking the cognitive, computational, and neural mechanisms of motivated decision-making.