Aging and Age-related Changes (ARCs) refer to the declines in component biologic processes occurring with senescence that result in impaired brain structure, cognitive performance and behavior. In the present study we aimed to assess cognitive functions in normal elderly subjects using psychometric cognitive assessment scales and electrophysiological studies including power of brain activity and late cortical responses. Method: Forty seven healthy elderly subjects were assessed with electrophysiological studies and psychometric scales. Electrophysiological studies include P300 and CNV studies and QEEG recording. Results: The results of P300 showed a significant positive correlation was found between age and reaction time. A significant negative correlation was found between reaction time and the total score of the performance scale. The results of CNV revealed a significant negative correlation was noted between latency of N2 and total score of the verbal scale. Regarding relative power of EEG frequencies, a significant positive correlation was found between relative power alpha frequency and the total score of performance scale. No significant correlation was revealed between P300, CNV parameters and relative power of EEG frequencies and scores of WMS subtests and parameters of WCST. Conclusion: Results suggest that the psychiatric scales do not provide a substitute for electro-physiological tests in evaluating the cognitive changes which occur with normal aging. Also, it revealed that P300 parameters are more sensitive than CNV parameters in detecting such changes.