Memory monitoring ability is essential for the effectiveness of learning processes. Judgment of Learning (JOL), a metacognitive judgment, is commonly used to measure this ability. An ongoing debate questions whether JOL is an outcome of an inferential or recollective experience, as suggested by different hypotheses regarding the underlying cognitive mechanisms of this judgment. To address this question through a neuroscientific perspective, we aimed to investigate the temporal dynamic of JOL adopting event-related potential (ERP) methodology. Seventy-two young adults participated in an episodic memory task involving word-pairs as stimuli. Their JOLs were obtained through categorical choices in a delayed condition. Additionally, their memory performance was tested in the recognition phase. ERP components were compared for different JOL levels, as well as for the hit responses in the recognition test according to their JOL levels. The analyses showed that JOL processes are observable within an early time window after stimulus presentation, as evidenced by elicitation of the P100, N100, P200, N200, and P300 components across all JOL levels. However, only the amplitude of the N100 varied among these levels. A negative ERP component with 330–500 ms latency was also evident for all JOL levels in the central and parietal electrodes, which did not differ in amplitude. The analyses of the recognition phase ERPs showed that the hit responses did not exhibit a significant difference in the familiarity-related mid-frontal old/new effect (FN400) amplitude; however, those with high level of JOL elicited recollection-related parietal old-new effect with a smaller amplitude. These findings support both hypotheses suggesting that JOL is influenced by heuristics and the retrievability of information.