The feedback-related negativity (FRN) and the P300 have been related to the processing of one's own and other individuals' feedback during both active and observational learning. The aim of the present study was to elucidate the role of trait-empathic responding with regard to the modulation of the neural correlates of observational learning in particular. Thirty-four healthy participants completed an active and an observational learning task. On both tasks, the participants' aim was to maximize their monetary gain by choosing from two stimuli the one that showed the higher probability of reward. Participants gained insight into the stimulus-reward contingencies according to monetary feedback presented after they had made an active choice or by observing the choices of a virtual partner. Participants showed a general improvement in learning performance on both learning tasks. P200, FRN, and P300 amplitudes were larger during active, as compared with observational, learning. Furthermore, nonreward elicited a significantly more negative FRN than did reward in the active learning task, while only a trend was observed for observational learning. Distinct subcomponents of trait cognitive empathy were related to poorer performance and smaller P300 amplitudes for observational learning only. Taken together, both the learning performance and event-related potentials during observational learning are affected by different aspects of trait cognitive empathy, and certain types of observational learning may actually be disrupted by a higher tendency to understand and adopt other people's perspectives.