Medical device leads with magnetic shielding and methods of shielding medical device leads from magnetic fields during medical procedures such as magnetic resonance imaging (MRI) are described. An illustrative implantable medical device includes a lead including a lead conductor having a length and a helically coiled ribbon shield radially surrounding the lead conductor along at least a portion of the length of the lead. The ribbon shield can include one or more inner ribbon conductors and/or one or more outer ribbon conductors. The outer ribbon conductor can have a variable width (e.g., a necked-down configuration, an arrowhead configuration, or an undulating configuration) along the length of the lead. In some cases, the helically coiled ribbon has a variable pitch along the length of the lead that may be the same as or different from that of the lead conductor pitch.