We investigated the reappraisal and the time course of negative emotion regulation by performing event-related potential (ERP) recordings. We found that negative pictures elicited more positive P2 and late positivity potential (LPP) deflections than neutral pictures. This effect occurred between 150–2000 ms post-stimulus. Compared to the emotion maintaining condition, the emotion enhancing condition was associated with higher arousal ratings and displayed increased P2 and LPP amplitudes. The decrease condition was also associated with reduced picture-induced arousal; however, it led to increased P2 and LPP amplitudes. Furthermore, when compared with the maintain condition, both the enhancing and decrease conditions significantly enhanced LPP in the early stage (350–750 ms). Compared to previous studies using western subjects, the negative emotion LPP effects of the present study were shorter in duration and the decrease-emotion condition elicited larger LPPs.