The ability to select an action by considering both delays and amount of reward outcome is critical for survival and well-being of animals and humans. Previous animal experiments suggest a role of serotonin in action choice by modulating the evaluation of delayed rewards. It remains unclear, however, through which neural circuits, and through what receptors and intracellular mechanisms, serotonin affects the evaluation of delayed rewards. Here, we review experimental studies and computational theory of decisions under delayed rewards, and propose that serotonin controls the timescale of reward prediction by regulating neural activity in the basal ganglia.