The human brain has inherent limitations in consciously processing visual information. When individuals monitor a rapid sequence of images for detecting two targets, they often miss the second target (T2) if it appears within a short time frame of 200–500 ms after the first target (T1), a phenomenon known as the attentional blink (AB). The neural mechanism behind the AB remains unclear, largely due to the use of simplistic visual items such as letters and digits in conventional AB experiments, which differ significantly from naturalistic vision. This study employs advanced multivariate pattern analysis (MVPA) of human electroencephalography (EEG) data (including 17 females and 18 males) to explore the neural representations associated with target processing within a naturalistic paradigm under conditions where AB does or does not occur. Our MVPA analysis successfully decoded the identity of target images from EEG data. Moreover, in the AB condition, characterized by a limited time between targets, T1 processing coincided with T2 processing, resulting in the suppression of late representational markers of both T1 and T2. Conversely, in the condition with longer inter-target interval, neural representations endured for a longer duration. These findings suggest that the AB can be attributed to the suppression of neural representations in the later stages of target processing.