As our understanding of the basic processes underlying reading is growing, the key role played by attention in this process becomes evident. Two research topics are of particular interest in this domain: (1) it is still undetermined whether sustained attention affects lexical decision tasks; (2) the influence of attention on early visual processing (i.e., before orthographic or lexico-semantic processing stages) remains largely under-specified. Here we investigated early perceptual modulations by sustained attention using an ERP paradigm adapted from Thierry et al. [1]. Participants had to decide whether visual stimuli presented in pairs pertained to a pre-specified category (lexical categorization focus on word or pseudoword pairs). Depending on the lexical category of the first item of a pair, participants either needed to fully process the second item (hold condition) or could release their attention and make a decision without full processing of the second item (release condition). The P1 peak was unaffected by sustained attention. The N1 was delayed and reduced after the second item of a pair when participants released their attention. Release of sustained attention also reduced a P3 wave elicited by the first item of a pair and abolished the P3 wave elicited by the second. Our results are consistent with differential effects of sustained attention on early processing stages and working memory. Sustained attention modulated early processing stages during a lexical decision task without inhibiting the process of stimulus integration. On the contrary, working memory involvement/updating was highly dependent upon the allocation of sustained attention. Moreover, the influence of sustained attention on both early and late cognitive processes was independent of lexical categorization focus.