The P300 event-related brain potential (ERP) is thought to reflect neuroelectric activity related to cognitive processes such as attention allocation and activation of immediate memory. However, recent studies have provided evidence that the P300 also is influenced by biological processes such as fluctuations in the arousal state of subjects. The effects of natural (circadian, ultradian, seasonal, menstrual) and environmentally induced (exercise, fatigue, drugs) state variables on the P300 are reviewed. The findings suggest that these factors contribute to P300 measures and are discussed in terms of their theoretical and applied implications.