Older adults often exhibit speech perception deficits in difficult listening environments. At present, hearing aids or cochlear implants are the main options for therapeutic remediation; however, they only address audibility and do not compensate for central processing changes that may accompany aging and hearing loss or declines in cognitive function. It is unknown whether long-term hearing aid or cochlear implant use can restore changes in central encoding of temporal and spectral components of speech or improve cognitive function. Therefore, consideration should be given to auditory/cognitive training that targets auditory processing and cognitive declines, taking advantage of the plastic nature of the central auditory system. The demonstration of treatment efficacy is an important component of any training strategy. Electrophysiologic measures can be used to assess training-related benefits. This article will review the evidence for neuroplasticity in the auditory system and the use of evoked potentials to document treatment efficacy.