Background/Objectives: Hypnosis shows great potential for managing patients suffering from fibromyalgia and chronic pain. Several studies have highlighted its efficacy in improving pain, quality of life, and reducing psychological distress. Despite its known feasibility and efficacy, the mechanisms of action remain poorly understood. Building on these insights, this innovative study aims to assess neural activity during hypnosis in fibromyalgia patients using high-density electroencephalography (EEG) and self-reported measures. Methods: Thirteen participants with fibromyalgia were included in this study. EEG recordings were done during resting state and hypnosis conditions. After both conditions, levels of pain, comfort, absorption, and dissociation were assessed using a numerical rating scale. Time perception was collected via an open-ended question. The study was prospectively registered in the ClinicalTrials.gov public registry (NCT04263324). Results: Neural oscillations showed increased theta power during hypnosis in the left parietal and occipital electrodes, increased beta power in the frontal and left temporal electrodes, and increased slow-gamma power in the frontal and left parietal electrodes. Functional connectivity using pairwise-phase consistency measures showed decreased connectivity in the frontal electrodes during hypnosis. Graph-based measures, the node strength, and the cluster coefficient were lower in frontal electrodes in the slow-gamma bands during hypnosis compared to resting state. Key findings indicate significant changes in neural oscillations and brain functional connectivity, suggesting potential electrophysiological markers of hypnosis in this patient population.