Analyzing Electroencephalography (EEG)/Magnetoencephalography (MEG) brain source signals allows for a better understanding and diagnosis of various brain-related activities or injuries. Due to the high complexity of the mentioned measurements and their low spatial resolution, different techniques have been employed to enhance the quality of the obtained results. The objective of this work is to employ state-of-the-art approaches and develop algorithms with higher analysis reliability. As a pre-processing method, subspace denoising and artifact removal approaches are taken into consideration, to provide a method that automates and improves the estimation of the Number of Component (NoC) for artifacts such as Eye Blinking (EB). By using synthetic EEG-like simulation and real MEG data, it is shown that the proposed method is more reliable over the conventional manual method in estimating the NoC. For Independent Component Analysis (ICA)-based approaches, the proposed method in this thesis provides an estimation for the number of components with an accuracy of 98.7%. The thesis is also devoted to improving source localization techniques, which aims to estimate the location of the source within the brain, which elicit time-series measurements. In this context, after obtaining a practical insight into the performance of the popular L2-Regularization based approaches, a post-processing thresholding method is introduced. The proposed method improves the spatial resolution of the L2-Regularization inverse solutions, especially for Standard Low-Resolution Electromagnetic Tomography (sLORETA), which is a well-known and widely used inverse solution. As a part of the proposed method, a novel noise variance estimation is introduced, which combines the kurtosis statistical parameter and data (noise) entropy. This new noise variance estimation technique allows for a superior performance of the proposed method compared to the existing ones. The algorithm is validated on the synthetic EEG data using well-established validation metrics. It is shown that the proposed solution improves the resolution of conventional methods in the process of thresholding/denoising automatically and without loss of any critical information.