Objectives An abbreviated gestational period may interrupt intrauterine brain development and constitutes a serious risk factor. Many preterm children show some form of attention deficits in later life. However, there is ambiguity about the nature and extent of these attention deficits in the literature. Moreover, the majority of studies investigated attention functions in preterm children on a symptom based level or using neuropsychological tasks. In contrast, neurophysiological studies have been comparatively scarce which will be addressed in the current study. Methods We investigated attention functioning in 27 low risk preterm children and 20 term children of 5–6 years of age by using EEG recording in an attention driven task (oddball task). Results Compared with term children, preterm children showed no attention deficits on a symptom level, but failed to show an increased oddball P3. Conclusion Current results suggest subclinical attentional changes in preterm children on the electrophysiological level in contrast to normal performance in attentional behavioral tests. Significance Our results emphasize to have a closer look at preterm children early in preschool age even though clinically relevant symptoms seem to be absent.