The purpose of this study was to investigate the neural activity evoked by facial attractiveness in conscious and subliminal conditions. The 41 participants judged facial attractiveness in a conscious condition and a subliminal condition (backward masking paradigm). The event-related potential (ERP) analysis indicated that in the conscious condition, more attractive faces elicited a longer N1 (80–120 ms) latency than less attractive faces. Moreover, more attractive female faces elicited a larger late positive component (LPC) (350–550 ms) amplitude than less attractive female faces. In the subliminal condition, more attractive faces elicited a longer P1 (140–180 ms) latency than less attractive faces. The present study demonstrated that more attractive faces evoked different early-stage ERPs from that evoked by less attractive faces in both conscious and subliminal conditions. However, the processing of facial attractiveness is obviously weakened in the subliminal condition.