The current study investigated if results on the Conners’ Continuous Performance Test (CCPT-II) could discriminate between children with ADHD (n = 59), ODD (n = 10), ADHD+ODD (n = 15), and normal controls (n =160), and how the results are associated with and explained by the intellectual function of the child. The sample was derived from the Bergen Child Study (BCS), a longitudinal, ongoing, population-based study of children’s development and mental health. CCPT-II performance did not differentiate between the three diagnostic groups (i.e., ADHD, ODD, and ADHD+ODD). Children with ODD (with or without comorbid ADHD) did not differ from children in the control group on any CCPT-II parameters. Children with ADHD made statistically significant more errors of omissions and showed a more variable response time to targets than the control group. The correlations between CCPT-II measures and IQ were mild to moderate, and there was a statistically significant group difference in IQ: Children with ADHD, and children with ADHD+ODD, obtained lower IQ scores than normal controls. A hierarchical multiple regression analysis showed that IQ, but not diagnostic group status, was significant predictors of CCPT-II performance. CCPT-II performance should be interpreted with caution when assessing ADHD and/or ODD in children.