Implantable medical leads with magnetic shielding and methods of shielding implantable leads from magnetic fields during medical procedures such as magnetic resonance imaging (MRI) are disclosed. An exemplary implantable medical lead includes a helically coiled inner electrode conductor wire, a helically coiled outer electrode conductor wire disposed radially about the inner electrode conductor wire, and at least one layer of insulation that electrically isolates the inner and outer electrode conductor wires. The inner electrode conductor wire can have a hollowed, multifilar configuration including six or more co-radially wound wire filars. The outer electrode conductor wire is electrically isolated from the inner electrode conductor wire, and may have either a single or double filar configuration.
