We evaluated cerebral variation in oxyhemoglobin, deoxyhemoglobin, and cytochrome oxidase before and after transcranial magnetic and electrical stimulation in ten healthy volunteers using near-infrared spectroscopy. Immediately after magnetic but not after electric stimulation a significant increase in oxyhemoglobin and a decrease in cytochrome oxidase were observed (P < 0.05). Our data suggest that repetitive transcranial magnetic stimulation induces metabolic activation of the cerebral cortex together with an increase in cerebral blood flow.