Researchers have found that men’s facial hair may have certain signaling functions connected with intrasexual competition and intersexual attractiveness. The interesting issue is whether men’s and women’s preferences for men’s facial hair may be considered a reflection of their intuitive knowledge about these functions. The aim of the presented studies was to analyze women’s and men’s preferences regarding men’s facial hair using questions with a dichotomous answer format (Study 1 and Study 2) and pictorial stimuli (Study 2). In both studies, women were asked to indicate their preferences for men’s facial hair. Men were asked to report preferences for facial hair in themselves and in other men, as well as to report their actual appearance of facial hair. The results showed that women’s preferences for men’s facial hair were ambiguous, while men preferred facial hair for themselves and had a lower inclination to prefer facial hair in other men. It suggests that men may be aware of some aspects of signaling functions of facial hair, especially these connected with intrasexual competition.