To investigate the time course of the neural processing of facial attractiveness and its influence on fairness consideration during social interactions, event-related potentials (ERP) were recorded from 21 male subjects performing a two-person Ultimatum Game (UG). During this bargaining game, the male subjects played responders who decided whether to accept offers from female proposers, whose facial images (grouped as “attractive” and “unattractive”) were presented prior to the offer presentation. The behavioral data demonstrated that the acceptance ratio increased with the fairness level of the offers and, more importantly, the subjects were more likely to accept unfair offers when presented with the attractive-face condition compared with the unattractive-face condition. The reaction times (RTs) for five offers (1:9, 2:8, 3:7, 4:6 and 5:5) in the unattractive-face condition were not significantly different. In contrast, the subjects reacted slower to the attractive proposers’ unfair offers and quicker to fair offers. The ERP analysis of the face presentation demonstrated a decreased early negativity (N2) and enhanced late positive potentials (LPPs) elicited by the attractive faces compared with the unattractive faces. In addition, the feedback-related negativity (FRN) in response to an offer presentation was not significantly different for the unfair (1:9 and 2:8) and fair (4:6 and 5:5) offers in the attractive-face condition. However, the unfair offers generated larger FRNs compared with the fair offers in the unattractive-face condition (consistent with prior studies). A similar effect was identified for P300. The present study demonstrated an undermining effect of proposer facial attractiveness on responder consideration of offer fairness during the UG.