This paper reviews our current understanding of the development of the obligatory cortical auditory evoked potential (CAEP) components P1, N1, P2, and N2. Firstly, the adult CAEP is briefly reviewed with respect to its morphology, neural generators and stimulus-dependence. Secondly, age-related changes occurring from the newborn period through childhood and adolescence are reviewed. The focus is on the maturation of CAEP morphology, changes in the scalp topography of the various components, changes in their amplitude and latency and in their stimulus-dependence. This review identifies periods of development in which we have only limited understanding of cortical auditory processing, as revealed by evoked potentials.