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Trust enables reciprocity and sustained cooperative relationships. Therefore, being able to determine who can be trusted is crucial. Trusting a trustworthy partner maximizes mutual benefits; withholding trust from an untrustworthy partner minimizes chances of being exploited. Little is known about the developmental origin and cognitive foundation of trust in young children. The current study examined how children learn about their partner’s trustworthiness and adjust their trust behaviors based on experience. Children from 6 to 11 years old played 20 trials of the trust game with a trustworthy and an untrustworthy partner. We examined developmental differences in children’s perceived trustworthiness and their actual trust behaviors towards both partners. We also used reinforcement learning models to examine the role of initial trust and experienced trustworthiness in the learning process.