We studied auditory word repetition suppression effect using magnetoencephalography while subjects listened to "new" and "old" words whose familiarity they had to judge upon presentation. The lateralization of brain magnetic activity during processing of "new" and "old" words were estimated by computing RMS measure of whole-brain magnetic response within time window of semantic N400 (350-450 ms). A magnetic N400 was significantly stronger in the left than in the right hemisphere for the "new" words only. Repetition of "new" words led to sharp decrease of N400 response RMS in the left hemisphere but did not change right-hemispheric N400 RMS. The asymmetry index of this repetition suppression effect was lateralized to the left hemisphere for the majority of the participants and its magnitude was related to memory task performance. The findings point to a strong left-hemispheric dominance of word repetition suppression effect within the brain semantic networks at the level of whole-network response.