The Multisource Interference Task (MSIT) was developed to test cognitive control in normal and pathological conditions and has become a reliable tool for exploring the integrity of cingulo‐frontal‐parietal cognitive/attentional networks in fMRI studies. Analysis of EEG recordings made during performance of the MSIT may provide additional information about the temporal dynamics of cognitive control. However, this has not yet been investigated in depth. In this study, we analyzed the ERPs and carried out time‐frequency decomposition of EEG recorded during control and interference conditions of the MSIT. The N2 ERP component and midfrontal theta power (both considered neural signatures of conflict processing) were significantly larger in interference than in control trials. Theta also showed higher phase synchronization between midfrontal and right frontolateral scalp locations in the interference condition, supporting the view that this frequency band entrains additional brain resources when a need for greater control arises. In interference trials, we also observed longer P3 latency, larger P3 amplitude, and greater reduction of posterior alpha (modulations related to allocation of attentional resources), in addition to a greater reduction of central beta power (related to motor preparation). In conclusion, the MSIT reliably modulated brain electrical activity related to cognitive control and attention. The EEG indices obtained during the performance of this task may be useful for exploring the functioning of cognitive/attentional networks in healthy and clinical populations.