Background/Objectives: The oscillatory dynamics underlying stage-specific processing in working memory (WM) remain incompletely characterized, particularly under varying memory loads. We examined load-dependent modulation of theta (4-7 Hz), lower alpha (8-10 Hz), and upper alpha (11-13 Hz) absolute power during encoding, maintenance, and retrieval using quantitative EEG in a modified Sternberg task that temporally dissociates these stages. Methods: Forty-five healthy young adults performed trials with memory sets of three, five, or six uppercase consonants followed by a lowercase probe. EEG data were analyzed using cluster-based permutation testing, and brain-behavior relationships were assessed using regression models. Results: Fronto-central theta power increased with memory load and was significantly higher during retrieval than during encoding or maintenance. Greater theta power during retrieval predicted faster reaction times in the three-letter condition. Alpha oscillations showed robust stage effects. Lower alpha power was higher during maintenance than retrieval across loads and exhibited a load effect during maintenance (three > six letters) in occipital regions. Upper alpha power was consistently maximal during maintenance across all loads, involving bilateral fronto-central, parietal, and occipital regions. Critically, under moderate load (five letters), higher upper alpha power predicted a greater probability of correct responses across task stages. Conclusion: These findings demonstrate a functional dissociation between oscillatory bands across temporally separated WM stages: theta activity was retrieval-dominant and associated with response speed, whereas alpha, particularly upper alpha, was maintenance-dominant and supported accuracy under increased mnemonic demand.