Measures of electrical brain activity (event-related potentials, ERPs) have been useful in understanding language processing for several decades. Extant data suggest that the amplitude of the N400 component of the ERP is a general index of the ease or difficulty of retrieving stored conceptual knowledge associated with a word, which is dependent on both the stored representation itself, and the retrieval cues provided by the preceding context. Recordings from patients with brain damage, intracranial recordings, and magnetoencephalographic data implicate a (probably large portion of) the left temporal lobe as the largest source of the N400 semantic context effect, with a substantial but lesser contribution from the right temporal lobe. Event-related functional magnetic resonance (fMRI) studies using semantic context manipulations are dominated by observations of greater hemodynamic activity for incongruent sentence completions or semantically unrelated words than congruent or related words, consistent with the direction of the ERP effect. The locations of the hemodynamic effects show some variability across studies, but one commonly identified region is the left superior temporal gyrus, which is compatible with the electrophysiological results. A second commonly identified region in the fMRI studies is the left inferior frontal gyrus, which does not appear to make a substantial contribution to the N400 effect.