As a tonal language, Mandarin Chinese has the following pronunciation elements for each syllable: the vowel, consonant, tone, duration, and intensity. Revealing the characteristics of auditory-related cortical processing of these different pronunciation elements is interesting. A Mandarin pronunciation multifeature paradigm was designed, during which a standard stimulus and five different phonemic deviant stimuli were presented. The electroencephalogram (EEG) data were recorded with 256-electrode high-density EEG equipment. Time-domain and source localization analyses were conducted to demonstrate waveform characteristics and locate the sources of the cortical processing of mismatch negativity (MMN) and P3a components following different stimuli. Vowel and consonant differences elicited distinct MMN and P3a components, but tone and duration differences did not. Intensity differences elicited distinct MMN components but not P3a components. For MMN and P3a components, the activated cortical areas were mainly in the frontal-temporal lobe. However, the regions and intensities of the cortical activation were significantly different among the components for the various deviant stimuli. The activated cortical areas of the MMN and P3a components elicited by vowels and consonants seemed to be larger and show more intense activation. The auditory processing centers use different auditory-related cognitive resources when processing different Mandarin pronunciation elements. Vowels and consonants carry more information for speech comprehension; moreover, more neurons in the cortex may be involved in the recognition and cognitive processing of these elements.