A pickup coil and a planar type SQUID are formed integrally on a single substrate to form a SQUID magnetometer. The SQUID is disposed on the surface of a projecting portion of the substrate and an insulating layer for spacing is laminated on the SQUID. The top, bottom and side surfaces of the assembly of the SQUID and insulating layer covering the same are all covered with a superconducting layer to form a magnetic shield for enclosing the SQUID. The magnetic shield is remote from the planar type pickup coil disposed on the remaining portion of the substrate by a distance which is equal to or greater than a length of one side of the size of the magnetic shield, thereby preventing magnetic flux distortion due to the presence of the magnetic shield from disturbing coil balance of the pickup coil.