A magnetically shielded room has been constructed for biomagnetic applications. The room has internal dimensions of $2;m(length){ imes}2;m(width){ imes}2.5;m(height)$ and it consists of high permeability Mumetal and high conductivity alummum, utilizing ferromagnetic shielding and eddy current shielding. The de shielding factor around the center of the room is above 60 dB, and the ac shielding factors at 1 and 10 Hz are larger than 60 and 80 dB, respectively. The internal magnetic field noise at 1 Hz is $500;fT/{sqrt}Hz$ and at 10 Hz is $100;fT/{sqrt}Hz$, and the field gradient noise at 1 Hz is below $7;fT/cm{sqrt}Hz$. Successful measurements of cardiomagnetic fields usmg SQUID magnetometer and neuromagnetic fields using SQUID gradiometer have been done.