In two separate experiments, P300 was recorded from overnight-abstaining smokers before and after smoking. In the first experiment, 32 subjects counted forward by ones and counted backwards by threes upon presentation of a rare tone burst (20%) in a stream of standard tones. There were no changes in P300 amplitude or latency pre- to post-smoking (1.1-mg FTC nicotine-yield cigarette). In the second experiment, 29 subjects completed auditory and visual oddball tasks before smoking, after smoking a low nicotine-yield cigarette (0.05 mg), after smoking a higher nicotine-yield cigarette (1.1-mg), and after smoking a second 1.1-mg cigarette. In the visual oddball task, P300 latency decreased after smoking the first higher-yield cigarette relative to both pre-smoking and post smoking the lower-yield cigarette. This effect was maintained after smoking the second higher-yield cigarette. In the visual task, P300 amplitude increased after smoking the first higher-yield cigarette (from a lower baseline level) in a group of subjects with larger changes in tidal-breath CO but not in a group with smaller changes in CO. There were no effects of smoking on P300 amplitude or latency in the auditory tasks of either the first or second experiment.