During reading, the parafoveal processing of an upcoming word n+1 can influence word recognition in two ways: It can affect fixation behavior during the preceding fixation on word n (parafovea‐on‐fovea effect, POF), and it can facilitate subsequent foveal processing once word n+1 is fixated (preview benefit). While preview benefits are established, evidence for POF effects is mixed. Recently, it has been suggested that POF effects exist, but have a delayed impact on saccade planning and thus coincide with preview benefits measured on word n+1. We combined eye movement and EEG recordings to investigate and separate neural correlates of POF and preview benefit effects. Participants read lists of nouns either in a boundary paradigm or the RSVP‐with‐flankers paradigm, while we recorded fixation‐ or event‐related potentials (FRPs/ERPs), respectively. The validity and lexical frequency of the word shown as preview for the upcoming word n+1 were orthogonally manipulated. Analyses focused on the first fixation on word n+1. Preview validity (correct vs. incorrect preview) strongly modulated fixation times and electrophysiological N1 amplitudes, replicating previous findings. Importantly, gaze durations and FRPs measured on word n+1 were also affected by the frequency of the word shown as preview, with low‐frequency previews eliciting a sustained, N400‐like centroparietal negativity. Results support the idea that POF effects exist but affect word recognition with a delay. Lastly, once word n+1 was fixated, its frequency also modulated N1 amplitudes in ERPs and FRPs. Taken together, we separated immediate and delayed effects of parafoveal processing on brain correlates of word recognition.