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The open source toolbox ‘ERPWAVELAB’ is developed for multi-channel time–frequency analysis of event related activity of EEG and MEG data. The toolbox provides tools for data analysis and visualization of the most commonly used measures of time–frequency transformed event related data as well as data decomposition through non-negative matrix and multi-way (tensor) factorization. The decompositions provided can accommodate additional dimensions like subjects, conditions or repeats and as such they are perfected for group analysis. Furthermore, the toolbox enables tracking of phase locked activity from one channel–time–frequency instance to another as well as tools for artifact rejection in the time–frequency domain. Several other features are highlighted. ERPWAVELAB can freely be downloaded from www.erpwavelab.org, requires EEGLAB [Delorme A, Makeig S. EEGLAB: an open source toolbox …