It has been suggested that the altered function of reward and punishment is an important vulnerability factor leading to the development of drug use disorders. Previous studies have identified evidence of neurophysiological dysfunction in the reward process of individuals with substance use disorders. To date, only a few event-related potential (ERP) studies have examined the neural basis of reward and punishment processing in women with methamphetamine (MA) use disorders. The current ERP research aims to investigate the neurophysiological mechanisms of reward and punishment in women with MA use disorder using a monetary incentive delay task. Nineteen women with MA use disorder (MA group) and 20 healthy controls (HC group) were recruited in this study. The behavioral data showed that the reaction time (RT) was faster and the response accuracy (ACC) was higher for the potential reward and punishment conditions compared to neutral conditions. During the monetary incentive anticipation stage, the Cue-P3, and stimulus-preceding negativity (SPN) were larger in the MA group than in the HC group. The SPN under the potential reward condition was larger than that under the neutral condition in the MA group but not in the HC group. During the monetary incentive consummation stage, the feedback-related negativity and feedback P3 (FB-P3) following positive feedback were significantly larger than negative feedback in the potential reward condition for the HC group, but not for the MA group. However, the FB-P3 following negative feedback was significantly larger than positive feedback in the potential punishment condition for the MA group, but not the HC group. The results suggest that women with MUD have stronger expectations of generic reward and stronger response of generic harm avoidance, which could be targeted in designing interventions for women with MA use disorder.