To understand information representation in human brain activity, it is important to investigate its fine spatial patterns at high temporal resolution. One possible approach is to use source estimation of magnetoencephalography (MEG) signals. Previous studies have mainly quantified accuracy of this technique according to positional deviations and dispersion of estimated sources, but it remains unclear how accurately MEG source estimation restores information content represented by spatial patterns of brain activity. In this study, using simulated MEG signals representing artificial experimental conditions, we performed MEG source estimation and multivariate pattern analysis to examine whether MEG source estimation can restore information content represented by patterns of cortical current in source brain areas. Classification analysis revealed that the corresponding artificial experimental conditions were predicted accurately from patterns of cortical current estimated in the source brain areas. However, accurate predictions were also possible from brain areas whose original sources were not defined. Searchlight decoding further revealed that this unexpected prediction was possible across wide brain areas beyond the original source locations, indicating that information contained in the original sources can spread through MEG source estimation. This phenomenon of “information spreading” may easily lead to false-positive interpretations when MEG source estimation and classification analysis are combined to identify brain areas that represent target information. Real MEG data analyses also showed that presented stimuli were able to be predicted in the higher visual cortex at the same latency as in the primary visual cortex, also suggesting that information spreading took place. These results indicate that careful inspection is necessary to avoid false-positive interpretations when MEG source estimation and multivariate pattern analysis are combined.