Testosterone has been theorized to direct status-seeking behaviors, including competitive behavior. However, most human studies to date have adopted correlational designs, and findings across studies are inconsistent. This experiment (n = 115) pharmacologically manipulated men's testosterone levels prior to a mixed-gender math competition and examined basal cortisol (a hormone implicated in stress and social avoidance) and context cues related to an opponent's perceived status (an opponent's gender or a win/loss in a prior competition) as factors that may moderate testosterone's impact on competitive behavior. We test and find support for the hypothesis that testosterone given to low-cortisol men evokes status-seeking behavior, whereas testosterone given to high-cortisol men evokes status-loss avoidance. In the initial rounds of competition, testosterone's influence on competitive decisions depended on basal cortisol and opponent gender. After providing opponent-specific win-lose feedback, testosterone's influence on decisions to reenter competitions depended on basal cortisol and this objective cue to status, not gender. Compared to placebo, men given exogenous testosterone who were low in basal cortisol showed an increased tendency to compete against male and high-status opponents relative to female and low-status opponents (status-seeking). Men given exogenous testosterone who were high in basal cortisol showed the opposite pattern-an increased tendency to compete against female and low-status opponents relative to male and high-status opponents (status-loss avoidance). These results provide support for a context-dependent dual-hormone hypothesis: Testosterone flexibly directs men's competitive behavior contingent on basal cortisol levels and cues that signal an opponent's status. (PsycInfo Database Record (c) 2022 APA, all rights reserved).