Novelty is a key modulator of memory, enhancing both consolidation and retrieval under specific conditions. Creative thinking, in turn, relies on controlled retrieval of memory representations, and it has been proposed that novel events can simultaneously enhance both memory and creative thinking. This study investigated the impact of contextual novelty on memory and creative thinking, as well as its electrophysiological correlates. Twenty-four adults were assigned to two groups: Novelty (first exposure to the EEG room during testing) and Habituation (prior exposure to the EEG room). Participants completed the Rey–Osterrieth Complex Figure (ROCF, visuospatial memory) and the Alternate Uses Task (AUT, divergent thinking), with surface EEG recordings. The Novelty group performed significantly better on the ROCF than the Habituation group, while no significant differences emerged in creativity (AUT). At the neurophysiological level, the Novelty group showed a significant decrease in theta power during retrieval compared to resting, a pattern absent in the Habituation group. These findings suggest that contextual novelty enhances memory and selectively modulates theta oscillations, providing electrophysiological evidence for the interaction between novelty and memory processes.