Circadian rhythms are considered a masterstroke of natural selection, which gradually increase the adaptability of species to the Earth’s rotation. Importantly, the nervous system plays a key role in allowing organisms to maintain circadian rhythmicity. Circadian rhythms affect multiple aspects of cognitive functions (mainly via arousal), particularly those needed for effort-intensive cognitive tasks, which require considerable top-down executive control. These include inhibitory control, working memory, task switching, and psychomotor vigilance. This mini review highlights the recent advances in cognitive functioning in the optical and multimodal neuroimaging fields; it discusses the processing of brain cognitive functions during the circadian rhythm phase and the effects of the circadian rhythm on the cognitive component of the brain and the brain circuit supporting cognition.