This study evaluated whether P300 amplitude declines in response to repeated presentation of the target in a standard auditory oddball task; to what extent the decrease is affected by the number of targets presented, interrupted by an interblock interval (IBI, 3 min) and consistent. We also aimed to identify factors inducing P300 amplitude decrease and its psychological significance. Two blocks of 500 tones (each divided into five subblocks of 100 tones) were presented. First block: P300 amplitude was smaller in the first subblock than in the second, which we attribute to processing resources during the first subblock being divided between the task of identifying the target and the process of estimating subjective probability. Amplitude decreased from the second subblock onwards. The interblock interval was sufficient for amplitude to return to pre-decrease levels. The intrablock decline was replicated in the second block. The decline in P300 amplitude might to reflect a progressive automation of the context-updating operations.