Dreaming is a subjective experience during sleep that is often accompanied by vivid perceptual and emotional contents. Because of its fundamentally subjective nature, the objective study of dream contents has been challenging. However, since the discovery of rapid eye movements during sleep, scientific knowledge on the relationship between dreaming and physiological measures including brain activity has accumulated. Recent advances in neuroimaging analysis methods have made it possible to uncover direct links between specific dream contents and brain activity patterns. In this review, we first give a historical overview on dream researches with a focus on the neurophysiological and behavioral signatures of dreaming. We then discuss our recent study in which visual dream contents were predicted, or decoded, from brain activity during sleep onset periods using machine learning-based pattern recognition of functional MRI data. We suggest that advanced analytical tools combined with neural and behavioral databases will reveal the relevance of spontaneous brain activity during sleep to waking experiences.