Face masks provide fundamental protection against the transmission of respiratory viruses but hamper communication. We estimated auditory and visual obstacles generated by face masks on communication by measuring the neural tracking of speech. To this end, we recorded the EEG while participants were exposed to naturalistic audio-visual speech, embedded in 5-talker noise, in three contexts: (i) no-mask (audio-visual information was fully available), (ii) virtual mask (occluded lips, but intact audio), and (iii) real mask (occluded lips and degraded audio). Neural tracking of lip movements and of the sound envelope of speech was measured through backward modeling, that is, by reconstructing stimulus properties from neural activity. Behaviorally, face masks increased perceived listening difficulty and phonological errors in speech content retrieval. At the neural level, we observed that the occlusion of the mouth abolished lip tracking and dampened neural tracking of the speech envelope at the earliest processing stages. By contrast, degraded acoustic information related to face mask filtering altered neural tracking of speech envelope at later processing stages. Finally, a consistent link emerged between the increment of perceived listening difficulty and the drop in reconstruction performance of speech envelope when attending to a speaker wearing a face mask. Results clearly dissociated the visual and auditory impact of face masks on the neural tracking of speech. While the visual obstacle related to face masks hampered the ability to predict and integrate audio-visual speech, the auditory filter generated by face masks impacted neural processing stages typically associated with auditory selective attention. The link between perceived difficulty and neural tracking drop also provides evidence of the impact of face masks on the metacognitive levels subtending face-to-face communication.