Conflicts in working memory (WM) can occur when retrieval cues activate competing items, which impairs the efficiency of retrieval. It has recently been shown that WM retrieval adapts similarly to these conflicts as predicted by conflict monitoring theory for selective attention tasks. Here, we utilized event‐related potentials (ERPs) to investigate whether conflict and adaptive control in WM are reflected by the same neural markers that have previously been described for selective attention tasks. In our task, participants encoded two differently colored memory lists that contained four digits each (i.e., 2 5 7 1 and 4 5 9 1), and had to recognize whether a probe item from a specific list and position was correct or incorrect. Conflict during retrieval emerged when digits at corresponding positions (e.g., 2 and 5 at the first position) were different (incongruent), but not when these digits were the same (congruent). In behavioral data, we found a congruency sequence effect, that is, responses to incongruent probe items were slower, and this effect was reduced following trials with incongruent probe items. In ERPs, this behavioral marker of adaptive control was accompanied by two effects. First, congruency affected the amplitude of an N450, and this conflict effect was reduced after incongruent trials. Second, the posterior P3 amplitude varied with the congruency of the current and the previous trial. Both results resemble those found for the Stroop task and thus highlight the similarity between conflict and adaptive control in WM and selective attention tasks. Our study links theoretical ideas from two research fields—working memory (WM) and adaptive cognitive control. Utilizing event‐related potentials, our findings show that adaptive cognitive control in WM is reflected by the same neural markers as adaptive cognitive control of selective attention. Furthermore, our results suggest that adaptive cognitive control plays a critical role in optimizing the use of limited WM storage. [ABSTRACT FROM AUTHOR]