After having been exposed to strong visual motion in one direction, a subsequently presented stationary visual scene seems to move in the opposite direction. This motion aftereffect (MAE) is usually ascribed to short-term functional changes in cortical areas involved in visual motion analysis akin to adaptation. Using magnetoencephalography (MEG), we show increased global field activity due to the MAE which could mostly be explained by a dipole located near the putative location of human area MT+. We further demonstrate that the induced MAE is accompanied by a significant increase in gamma-band activity (GBA) recorded from parietooccipital cortex contralateral to the visual motion stimulus. This gamma oscillation most likely reflects an increase in neuronal response coherence due to decreased inhibition of a group of neurons with similar preferred direction, namely the direction opposite to the adapted one. A second focal GBA response was picked up by the most posterior sensors ipsilateral to the side of the stimulus, reflecting the size of the MAE, whose source could not be reliably located.