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Speech-evoked auditory event-related potentials (ERPs) provide insight into the neural mechanisms underlying speech processing. For this reason, ERPs are of great value to hearing scientists and audiologists. This article will provide an overview of ERPs frequently used to examine the processing of speech and other sound stimuli. These ERPs include the P1–N1–P2 complex, acoustic change complex, mismatch negativity, and P3 responses. In addition, we focus on the application of these speech-evoked potentials for the assessment of (1) the effects of hearing loss on the neural encoding of speech allowing for behavioral detection and discrimination; (2) improvements in the neural processing of speech with amplification (hearing aids, cochlear implants); and (3) the impact of auditory training on the neural processing of speech. Studies in these three areas are reviewed and implications for audiologists are discussed.