Individual differences in mental ability (MA) were examined with event-related potentials (ERP). In addition to using an auditory frequency discrimination task, a duration discrimination task was used to elicit P300 and mismatch negativity (MMN) components of the ERP. Frequency and duration P300 latencies explained 9% and 10% of variance of MAB performance scores independently of each other and commonly 28% of variance. The finding that duration P300 latency explained variance of MA independent of that explained by frequency P300 latency, suggests that temporal information processing is partly dissociable from processing of frequency information in its prediction of MA. Duration and frequency MMNs were shown to be indices of discrimination ability and predicted 11% of variance of MAB performance scores. The outcome of the present study not only emphasizes the importance of both mental speed and discrimination ability for MA but also points to the significance of duration- and frequency-related ERP measures for the understanding of underlying brain mechanisms. (Contains 5 tables.)