After more than 50 years, there still remains a challenge and an interest to know more as well as extend and deepen our understanding of the small rapid wavelets, the oscillatory potentials (OPs), of the electroretinogram (ERG) and the neuronal adaptation of the retina. This paper summarizes the current knowledge of the rapid oscillatory response and its role in the process of neuronal adaptation in the retina. An effort has been made to enhance our ability and possibility, especially in the clinic, to interpret and use this response. The first section in short presents historic aspects, definitions and understanding of neuronal adaptation and the OPs. The second part deals with different and modern techniques and possibilities to record and measure the OPs, ffERG (full-field ERG), mfERG (multifocal ERG), fmERG (focal macular ERG) and optimal adaptational recording conditions. The third section overviews the current apprehension of the origin(s) of the OPs. The fourth part describes the normal development of the OPs from prematurity to old age. The last section enlightens the importance of the OPs as indicators of disturbed retinal, neuronal adaptive function in different diseases in the retina.