Progress of biomagnetic studies and measuring techniques in twenty years is described and achievements are evaluated. Present day status of equipment, multichannel SQUID magnetometers in particular, is considered. Perspectives of application for basic brain research and clinical diagnostic are discussed. Emphasis is put on comparison of magnetic encephalography (MEG) and functional magnetic resonance imaging (fMRI) as advanced brain research tools. These are complementary techniques and their combination is quite promising avenue for the development.