Nuclear proliferation risks from magnetic fusion energy associated with access to weapon-usable materials can be divided into three main categories: (1) clandestine production of weapon-usable material in an undeclared facility, (2) covert production of such material in a declared facility and (3) use of a declared facility in a breakout scenario, in which a state begins production of fissile material without concealing the effort. In this paper, we address each of these categories of risks from fusion. For each case, we find that the proliferation risk from fusion systems can be much lower than the equivalent risk from fission systems, if the fusion system is designed to accommodate appropriate safeguards.