Previous studies have identified at least two components of chromatic adaptation: a rapid component with a time scale between tens of milliseconds to a few seconds, and a slow component with a half-life of about 10 to 30 seconds. The basis of the rapid adaptation probably lies in receptor adaptation at the retina. The neural substrate for the slow adaptation remains unclear, although previous psychophysical results hint at the early visual cortex. A promising approach to investigate adaptation effects in the visual cortex is to analyze steady-state visual evoked potentials (SSVEPs) elicited by chromatic stimuli, which typically use long durations of stimulation. Here, we re-analyzed the data from two previous pattern-reversal SSVEP studies. In these experiments (N = 49 observers in total), SSVEPs were elicited by counter-phase flickering color- or luminance-defined grating stimuli for 150 seconds in each trial. By analyzing SSVEPs with short time windows, we found that chromatic SSVEP responses decreased with increasing stimulation duration and reached a lower asymptote within a minute of stimulation. The luminance SSVEPs did not show any systematic adaptation. The time course of chromatic SSVEPs can be well described by an exponential decay function with a half-life of about 20 seconds, which is very close to previous psychophysical reports. Despite the difference in stimuli between the current and previous studies, the coherent time course may indicate a more general adaptation mechanism in the early visual cortex. In addition, the current result also provides a guide for future color SSVEP studies in terms of either avoiding or exploiting this adaptation effect.