Consciously and unconsciously perceived rewards are thought to modulate essential cognitive processes in different ways. However, little is known about whether and how they modulate higher-order social cognitive processes. The present ERP study aimed to investigate the effect of consciously and unconsciously perceived rewards on the temporal course of self-face processing. After a monetary reward (high or low) was presented either supraliminally or subliminally, participants gain this reward by rapidly and correctly judging whether the mouth shape of a probe face and a target face (self, friend, and stranger) were same. Results showed a significant three-way interaction between reward value, reward presentation type, and face type observed at the P3 component. For the supraliminal presentations, self-faces elicited larger P3 after high compared to low reward cues; however, friend-faces elicited smaller P3 and stranger-faces elicited equivalent P3 under this condition. For the subliminal presentations, self-faces still elicited larger P3 for high reward cues, whereas there were no significant P3 differences for friend-faces or stranger-faces. Together, these results suggest that consciously processed rewards have distinct advantages over unconsciously processed rewards in facilitating self-face processing by flexibly and effectively integrating reward value with self-relevance.