ERP dissociations between implicit and explicit memory have been confirmed by a large amount of evidence in theories of human memory. However, similarities between the two forms of memory have scarcely been studied. A possibility is that while implicit memory and explicit memory have independent components, they might additionally have shared components. To explore this question, an ERP experiment was conducted with a study-to-test paradigm, in which participants performed a "shallow" (color) study task or a "deep" (pleasant) study task, followed by either a lexical decision (implicit) test (Section 1) or a recognition (explicit) test (Section 2). An interference task was performed concurrently with either the encoding or the retrieval phase of the memory task for encoding interference condition or retrieval interference condition. We compared ERP signatures of implicit and explicit memory as a function of depth of processing or interference. Under the action of the same variables, 300―500 ms old/new ERP effects of implicit and explicit memory showed the same trend. These effects maybe all link with a perceptual representational system. 500―700 ms old/new ERP effects of the two memories were dissociated. They may probably reflect voluntary and involuntary recollection respectively. These results suggested that implicit and explicit memories are not completely independent of each other, but have both independent and shared components.