Easy of learning (EOL) judgments occur before active learning begins, and it is a prediction of how difficult it will be to learn new material in future learning. This study compared the amplitude of event-related potential (ERP) components and brain activation regions between high and low EOL judgments by adopting ERPs with a classical EOL judgment paradigm, aiming to confirm the ease-of-processing hypothesis. The results showed that (1) the magnitudes of EOL judgments are affected by encoding fluency cues, and the judgment magnitude increases with encoding fluency; (2) low EOL judgments are associated with higher N400 amplitude at the left superior frontal gyrus (SFG) and left middle frontal gyrus (MFG). High EOL judgments showed enlarged slow-wave (600–1,000 ms) potentials than low EOL judgments at the left medial temporal lobe (MTL), right ventromedial prefrontal cortex (VMPFC), and dorsolateral prefrontal cortex (DLPFC). Our results support the ease-of-processing hypothesis, particularly, by affirming that EOL judgments are affected by encoding fluency in two processing stages. N400 reflects the process of acquiring encoding fluency cues, while slow-wave indicates that individuals use encoding fluency cues for metacognitive monitoring.