To better understand the individual differences in fairness, we used event-related potentials (ERPs) to explore the fairness characteristics of deaf college students through the ultimatum game task. Behaviorally, the significant main effect of the proposal type was found, which meant both deaf and hearing college students showed a lower acceptance rate for the more unfair proposal. Interestingly, we found a significant interaction between group and proposal type in the early stage (N1). Moreover, in the deaf college group, N1 (induced by moderately and very unfair proposals) was significantly larger than that of fair proposals. However, we found that deaf college students had smaller amplitudes on P2 and P3 than hearing college students. These results suggested that deaf college students might pursue more equity strongly so they are more sensitive to unfair information in the early stage. In a word, we should provide more fair allocations for deaf college students in our harmonious society.