Purpose Psychology and social science research offer some promising work in the field of decision-making science. However, given the qualitative nature of much of this research, understanding some physiological bases of decision-making may assist by providing more objectivity. The purpose of this study, therefore, was to explore hormonal and neurophysiological biomarkers of stress relative to strategic decision making, with and without an accompanying exercise stress. Methods Twenty-one competitive male chess players were recruited to this study. On two separate occasions prefrontal cortex (a brain region involved in executive decision making which is sensitive to stress) hemodynamics were measured while participants played a standardized game of chess against a computer bot, once after exposure to a physical stressor (experimental condition) and once without (control condition). Participant’s stress hormones (testosterone and cortisol) were also measured in the morning of each test and immediately prior to the game of chess. Results Participants were more likely to win under experimental conditions. Interestingly, there was no difference between conditions for baseline testosterone and cortisol concentrations, and the exercise protocol did not elicit a hormonal change. However, significant differences were observed for prefrontal cortex hemodynamics following the physical stressor (vs. control condition), and changes in prefrontal cortex hemodynamics were observed as games progressed (p ≤ 0.034). Conclusion Our results speculatively suggest several independent pathways exist to explain how stress affects decision making. This work opens several vistas for future research exploring decision making using neurohormonal/physiological biomarkers.