Attending to the first target in rapid serial visual presentation (RSVP) interferes with processing of the second target so that the participants fail to recognize the second target if the targets are separated by a stimulus onset asynchrony of 200–500 ms. This phenomenon is attentional blink (AB). Repetition blindness (RB) is an additional difficulty to recognize the second occurrence of the same stimulus in RSVP. A controversial issue in studies of both deficits is the processing level at which they occur. To compare the timing and mechanisms of AB and RB directly during the same RSVP stream, we recorded event-related potentials (ERPs) in response to repeated and unrepeated targets. Comparable to earlier ERP studies on visual awareness, the results showed for both types of targets a negative amplitude difference between ERPs to consciously recognized and unrecognized targets during 250-350 ms from stimulus onset, suggesting that both AB and RB are associated with deficits of conscious perception, occurring at earlier stages than access to working memory. However, the perceptual deficit in RB is more severe, which may be related to higher overall negativity in response to repeated targets observed 150–300 ms after stimulus onset, suggesting stronger cortical baseline activation and higher perceptual threshold for repeated targets as compared with unrepeated ones.