Social status, as a prominent social characteristic, exerts a significant influence on various aspects of life. However, there is only limited behavioral and neural evidence regarding the relationship between social status and the construction of trust. In this study, we used computational modeling and functional magnetic resonance imaging to unveil the trajectory of trust-related processing by using a repeated trust game. Human participants assumed the role of trustor and engaged in interactions with fictitious partners (trustees) who varied in social status. Participants were more inclined to trust Superiors than Inferiors and gradually modified their trust decisions based on their partners' reciprocity. Furthermore, we unveiled the neurocomputational mechanisms of two cognitive processes: (i) prior-based static modulation supported by the ventromedial prefrontal cortex (vmPFC), amygdala, and their neural coupling, and (ii) the reward network engaged in feedback-based dynamic modulation. We also found that prior bias in the social value of social status can reduce the reliance on the feedback-based dynamic modulation rooted in the vmPFC and ventral striatum. The present findings enhance the understanding of the neural representations of how social status modulates trust-related processing and trustworthiness updating.