An fMRI-constrained source analysis was applied to investigate visual P300 in the Landolt ring task. To study the localization and relative activation timing of P300 generators, we implemented simultaneous EEG/fMRI to identify BOLD signal changes and record 64-channel EEG in 10 subjects during a Landolt ring task inside a 1.5-T fMRI scanner using an MR-compatible EEG recording system. MRI artifact subtraction software was applied to obtain continuous EEG data. Then, the simultaneous collecting of EEG and fMRI was validated in preserving relevant ERPs. The fMRI-constrained source analysis resulted in an 8-dipole solution. The bilateral middle frontal and the right inferior parietal dipole waveforms showed a short latency peak corresponding to the early P300 activity, while the four parietal and the anterior cingulate dipole waveforms showed a long latency peak corresponding to the late P300 activity. The longest latency peak of the anterior cingulate dipole agrees with its role in initiation of motor response after successful target recognition. Target detection in the Landolt ring task produces the strongest and most extensive parietal activation (especially superior parietal activation), which might be due to its particular visual attention switching.