The P300 or P3 component of the event-related brain potential (ERP) was obtained from five groups of 24 young adult subjects, with each group measured at a different time of day (8 a.m., 11 a.m., 2 p.m., 5 p.m., 8 p.m.). An activity-preference questionnaire was used to ensure that an equitable number of morning- and evening-preferring subjects were obtained for each testing time. P3 measures, physiological (body temperature, heart rate, subjective alertness), and cognitive performance (digit span, prose memory, digit symbol) variables were assessed. P3 amplitude and latency were not affected directly by the time of day. However, P3 amplitude was smaller in subjects who had not eaten within 6 hours of testing relative to subjects who had a recent meal, and P3 latency was correlated negatively with body temperature. The findings suggest that although the P3 ERP is not influenced by circadian rhythms, it is related to recency of food intake and physiological factors which change with time of day.