We examined the spatiotemporal characteristics of metacontrast using sinusoidal grating stimuli as the target and mask for quantitative comparison with the functional properties of the visual cortex. The magnitude of metacontrast effects depended on the stimulus features such as the orientation and spatial frequency of the target and mask. The characteristics of metacontrast dynamically changed depending on the stimulus onset asynchrony (SOA). At short SOAs (0 to approximately 40 ms), metacontrast exhibited a high stimulus feature specificity and a low contrast sensitivity, whereas at long SOAs ( approximately 40 to 80 ms), metacontrast exhibited a low stimulus feature specificity and a high contrast sensitivity. We suggest that metacontrast is explained by the interaction between two parallel visual pathways: one with a low contrast sensitivity and a high feature specificity, and the other with a high contrast sensitivity and a low feature specificity.