Humans can reliably detect a target picture even when tens of images are flashed every second. Here we use magnetoencephalography to dissect the neural mechanisms underlying the dynamics of temporal selection during a rapid serial visual presentation task. Multivariate decoding algorithms allow us to track the overlapping brain responses induced by each image in a rapid visual stream. The results show that temporal selection involves a sequence of gradual followed by all-or-none stages: (i) all images first undergo the same parallel processing pipeline; (ii) starting around 150 ms, responses to multiple images surrounding the target are continuously amplified in ventral visual areas; (iii) only the images that are subsequently reported elicit late all-or-none activations in visual and parietal areas around 350 ms. Thus, multiple images can cohabit in the brain and undergo efficient parallel processing, but temporal selection also isolates a single one for amplification and report.