Experiencing food craving is nearly ubiquitous and has several negative pathological impacts prompting an increase in recent craving-related research. Food cue-reactivity tasks are often used to study craving, but most paradigms ignore the individual food preferences of participants, which could confound the findings. We explored the neuropsychological correlates of food craving preference using psychophysical tasks on human participants considering their individual food preferences in a multisensory food exposure set-up. Participants were grouped into Liked Food Exposure (LFE), Disliked Food Exposure (DFE), and Neutral Control (NEC) based on their preference for sweet and savory items. Participants reported their momentary craving for the displayed food stimuli through the desire scale and bidding scale (willingness to pay) pre and post multisensory exposure. Participants were exposed to food items they either liked or disliked. Our results asserted the effect of the multisensory food exposure showing a statistically significant increase in food craving for DFE participants postexposure to disliked food items. Using computational models and statistical methods, we also show that the desire for food does not necessarily translate to a willingness to pay every time, and instantaneous subjective valuation of food craving is an important parameter for subsequent action. Our results further demonstrate the role of parietal N200 and centro-parietal P300 in reversing food preference and possibly point to the decrease of inhibitory control in up-regulating craving for disliked food.