The current study explored whether the metaphorical meaning of novel words can be learned and how the metaphorical meaning was acquired during contextual reading. The novel words were embedded in two types of learning contexts: one supported the metaphorical meaning (metaphorical meaning learning condition: ML condition), and the other supported the literal meaning (literal meaning learning condition: LL condition). The learning effect was assessed via a semantic -relatedness judgment task with event-related potentials (ERPs) being recorded. In this task, the novel words served as primes, the literal corresponding concepts of the novel words (CC), the metaphorically related words (MR) and unrelated words (NR) served as targets. The results showed that the N400 amplitudes in response to the targets varied as a function of targets type in a graded manner increasing from the CC targets, to the MR targets, and to the NR targets in both learning conditions over the lateral electrodes. Furthermore, over the midline electrodes, the N400 difference between the CC and MR targets was gone in the ML condition; the N400 effect between the MR and NR targets was absent in the LL condition. These results suggested that learners could get the metaphorical meaning of newly learned words, and this process was influenced by the learning contexts. The study broadens our understanding on the learning of the lexical meaning of words.