Inhibition of return (IOR) refers to the slower response to targets appearing on the same side as the cue (valid locations) than to targets appearing on the opposite side as the cue (invalid locations). Previous behaviour studies have found that the visual IOR is larger than the audiovisual IOR when focusing on both visual and auditory modalities. Utilising the high temporal resolution of the event-related potential (ERP) technique we explored the possible neural correlates with the behaviour IOR difference between visual and audiovisual targets. The behavioural results revealed that the visual IOR was larger than the audiovisual IOR. The ERP results showed that the visual IOR effect was generated from the P1 and N2 components, while the audiovisual IOR effect was derived only from the P3 component. Multisensory integration (MSI) of audiovisual targets occurred on the P1, N1 and P3 components, which may offset the reduced perceptual processing due to audiovisual IOR. The results of early and late differences in the neural processing of the visual IOR and audiovisual IOR imply that the two target types may have different inhibitory orientation mechanisms.