Adolescents with dyslexia exhibit well-established impairments in executive abilities. The Wisconsin card sorting test (WCST) is an executive test that yields surprisingly inconsistent results with this population. The current study aimed to shed light on the contradictory findings in the literature regarding the performance levels by individuals with dyslexia in WCST. We used a computerized-WCST (named the ‘Madrid-Card Sorting Test’) assessing executive functions using the Event-Related Potentials (ERPs) methodology. Adolescents with dyslexia exhibited a higher error rate and slower reaction times. This was most evident in the later trials of the series. However, differences in ERPs between the two groups were found only in the “target-locked” conditions, where individuals with dyslexia displayed decreased ERP components (N100, P300) compared to skilled readers. The changes between the groups in the “shift” compared to the “stay” conditions suggest the central role of working memory both in basic (e.g., shifting) and higher order (e.g., reading) processes in individuals with dyslexia. These findings suggest the central role of working memory both in basic (e.g., shifting) and higher order (e.g., reading) processes in individuals with dyslexia. The intact shifting mechanism and the working memory deficit may guide the building of more efficient intervention programs for individuals with dyslexia in the future.