In the field of time psychology, the functional significance of the contingent negative variation (CNV) component in time perception and whether the processing mechanisms of sub- and supra-second are similar or different still remain unclear. In the present study, event-related potential (ERP) technology and classical temporal discrimination tasks were used to explore the neurodynamic patterns of sub- and supra-second time perception. In Experiment 1, the standard interval (SI) was fixed at 500 ms, and the comparison interval (CI) ranged from 200 ms to 800 ms. In Experiment 2, the SI was fixed at 2000 ms, and the CI ranged from 1400 ms to 2600 ms. Participants were required to judge whether the CI was longer or shorter than the SI. The ERP results showed similar CNV activity patterns in the two experiments. Specifically, CNV amplitude would be more negative when the CI was longer or closer to the memorized SI. CNV peak latency increased significantly until the CI reached the memorized SI. We propose that CNV amplitude might reflect the process of temporal comparison, and CNV peak latency might represent the process of temporal decision-making. To our knowledge, it is the first ERP task explicitly testing the two temporal scales, sub- and supra-second timing, in one study. Taken together, the present study reveals a similar functional significance of CNV between sub- and supra-second time perception.