A time-multiplexed dual atomic magnetometer includes first and second vapor cells such that an external magnetic field induces Larmor precession of atoms within the vapor cells. The magnetometer includes first and second polarimeters for measuring first and second polarizations of first and second probe beams that propagate through the first and second vapor cells, respectively. The magnetometer includes a controller that gates the probe beams such that (i) the first probe beam propagates through the first vapor cell during a first measurement stage, (ii) the second probe beam does not propagate through the second vapor cell during the first measurement stage, (iii) the second probe beam propagates through the second vapor cell during a second measurement stage that begins when the first measurement stage ends, and (iv) the first probe beam does not propagate through the first vapor cell during the second measurement stage.