Semantic satiation is characterised by the subjective and temporary loss of meaning after high repetition of a prime word. To study the nature of this effect, previous electroencephalography (EEG) research recorded the N400, an ERP component that is sensitive to violations of semantic context. The N400 is characterised by a relative negativity to words that are unrelated vs. related to the semantic context. The semantic satiation hypothesis predicts that the N400 should decrease with high repetition. However, previous findings have been inconsistent. Because of these inconsistent findings and the shortcomings of previous research, we used a modified design that minimises confounding effects from non-semantic processes. We recorded 64-channel EEG and analysed the N400 in a semantic priming task in which the primes were repeated 3 or 30 times. Critically, we separated low and high repetition trials and excluded response trials. Further, we varied the physical features (letter case and format) of consecutive primes to minimise confounding effects from perceptual habituation. For centrofrontal electrodes, the N400 was reduced after 30 repetitions (vs. 3 repetitions). Explorative source reconstructions suggested that activity decreased after 30 repetitions in bilateral inferior temporal gyrus, the right posterior section of the superior and middle temporal gyrus, right supramarginal gyrus, bilateral lateral occipital cortex, and bilateral lateral orbitofrontal cortex. These areas overlap broadly with those typically involved in the N400, namely middle temporal gyrus and inferior frontal gyrus. The results support the semantic rather than the perceptual nature of the satiation effect.