The P3, a component of the event-related potential, is an electrophysiological reaction of the brain to an event. It has been extensively studied as an index of attentional and memory processes in humans, and the substantial individual variation in its amplitude and latency has been related to individual differences in cognitive function and ability. Little is known about the relative contributions of genetic and environmental influences to the individual differences in this event-related potential component. Furthermore, it is unclear whether and how these influences vary during maturation in childhood. In this study, P3 was measured twice in 164 young twin pairs, once at age 5, and once at age 7. Participants performed a visual oddball task with 100 nontarget and 25 target stimuli. P3 amplitudes and latencies were obtained at 6 scalp locations (C3, Cz, C4, P3, Pz, and P4). Results show an effect of age (smaller amplitudes and shorter latencies at age 7 than at age 5), stimulus type (larger amplitudes and longer latencies for targets than for nontargets), and electrode location (largest P3 amplitude at Pz, longest P3 latencies at central electrodes). No gender differences were found for mean amplitude or latency. A genetic model was fitted to the data that decomposed the reliable variances and covariances of P3 at ages 5 and 7 into genetic and environmental parts. A significant part of the true variance in P3 latency was genetic. Heritabilities were 13% to 78% at age 5 and 36% to 99% at age 7. Heritabilities for P3 amplitude in response to targets were low (0%-19%) but high in response to nontargets (36%-86%) at both ages. At most scalp locations, the same set of genes influenced latency and amplitude from age 5 to age 7. An additional genetic factor common to the latency of targets and nontargets was found at age 7, but only for Cz and P3 scalp locations. We conclude that Requests for reprints should be sent to G.