Bullying is a subtype of violence that leads to maladaptive behaviors and emotional responses, with implications for social competence, emotions, and empathy. The present study compared the time course of emotional processing in children who were involved in the dynamics of bullying (i.e., as victims, bullies, and observers) by evaluating event-related potentials [early posterior negativity and late positive potential (LPP)] in different brain regions during a passive visualization task that involved positive, neutral, and negative social pictures. High-density electroencephalograms were recorded in 45 children, 8–12 years old (M = 9.5 years, SD = 1.3), while they observed emotional and neutral social pictures that we selected from the International Affective Picture System. Late positive potential had higher amplitudes in the victim group, especially in posterior and anterior regions. In the central region, LPP was greater toward neutral social pictures in bullying victims. The greater amplitude of LPP in victims was observed during and after the stimulus. The results showed a consistent response with a higher intensity in response to emotional stimuli in the victim group, suggesting a tendency toward hypervigilance that could interfere with emotional regulation.