The opioid system plays a key role in the regulation of affective processing including pain, pleasure, and reward. However, there is also increasing evidence that this system plays a broader role and can modulate cognitive function. In particular, increasing evidence suggests that the mu-opioid system influences how we choose between actions of different values and how we control our behavior in the face of distracting information. The present paper reviews the available evidence from studies that have used pharmacological manipulations of the mu-opioid system in healthy human volunteers. Our review covers experimental paradigms that have investigated reward-based decision making, impulsivity, neuropsychological tests of executive functioning, attention, inhibition and effort. The reviewed findings provide an emerging picture of how the mu-opioid system influences higher-level cognitive function via modulation of valuation, motivation and control circuits dense in mu-opioid receptors, including orbitofrontal cortex, basal ganglia, amygdalae, anterior cingulate cortex, and prefrontal cortex. The working model we put forward proposes that opioids influence decision making and cognitive control by increasing the subjective value of reward and reducing aversive arousal. The review highlights potential mechanisms that might underlie the effects of mu-opioids on decision making and cognitive control and provides important directions for future research.