We used an identical repetition priming paradigm in functional MRI (fMRI) and magnetoencephalography (MEG) to investigate brain networks modulated by stimulus repetition and familiarity. In particular, pictures of familiar or unfamiliar objects were presented sequentially, with stimulus repetitions occurring within few trials. The results of both studies indicated close agreement between the pattern found in fMRI-BOLD (blood oxygenation level dependent) responses and in source localizations of induced gamma-band activity derived from MEG. In both studies, the brain regions that were significantly associated with repetition suppression in response to familiar visual objects encompassed bilaterally the medial and lateral occipital cortex, inferior occipitotemporal regions including the left fusiform cortex, as well as parietal areas. Modulations by stimulus familiarity occurred mainly within this network. Overall, we found noticeable correspondences between the results of fMRI-BOLD signals and MEG gamma-band activity, suggesting that both methods can be used in analogous ways to study the neural basis of repetition priming and object recognition.