In a single-case study, the effects of very long-lasting physical exercise, namely a 24-h-long ultramarathon, on the human electroencephalogram (EEG) were evaluated. While only effects of relatively short exercise have been reported earlier, we focused on the changes induced by these long-lasting physical requires. EEG was recorded repeatedly using an auditory oddball paradigm, and event-related potentials (ERPs), as well as changes in the current oscillatory brain activity (in particular, event-related desynchronization, ERD), were repeatedly monitored. While an increase in several attention-related ERP parameters was reported for shorter exercises, the results of our study show that cognitive performance-related EEG phenomena slowly decreased throughout the race. The P300 amplitude decreased, and the P300 latency increased with ongoing exercise duration. In addition, the difference between standard and target tones at N200b, as well as the difference in the lower alpha ERD, decreased with time, indicating a reduced automatic stimulus evaluation.