Novel metaphors in literary texts (hereinafter referred to as literary metaphors) seem to be more creative and open-ended in meaning than metaphors in non-literary texts (non-literary metaphors). However, some disagreement still exists on how literary metaphors differ from non-literary metaphors. Therefore, this study explored the neural mechanisms of literary metaphors extracted from modern Chinese poetry by using the methods of Event-Related Potentials (ERPs) and Event-Related Spectral Perturbations (ERSPs), as compared with non-literary conventional metaphors and literal expressions outside literary texts. Forty-eight subjects were recruited to make the semantic relatedness judgment after reading the prime-target pairs in three linguistic conditions. According to the ERPs results, the earliest differences were presented during the time window of P200 component (170–260 ms) in the frontal and central areas, with the amplitude of P200 for literary metaphors more positive than the other two conditions, reflecting the early allocation of attention and the early conscious experience of the experimental stimuli. Meanwhile, significant differences were presented during the time window of N400 effect (430–530 ms), with the waveform of literary metaphors more negative than others in the frontal and central topography of scalp distributions, suggesting more efforts in retrieving conceptual knowledge for literary metaphors. The ERSPs analysis revealed that the frequency bands of delta and theta were both involved in the cognitive process of literary metaphor comprehension, with delta band distributed in the frontal and central scalp and theta band in parietal and occipital electrodes. Increases in the two power bands during different time windows provided extra evidences that the processing of literary metaphors required more attention and effort than non-literary metaphors and literal expressions in the semantic related tasks, suggesting that the cognitive process of literary metaphors was distinguished by different EEG spectral patterns.