The magnetic circuits and devices used in space-borne systems such as satellites are naturally exposed to space environments having among others, hazardous radiations. Such radiations, in turn, may be of solar, cosmic or nuclear origin depending upon the altitude as well as the propulsion/power systems involving mini atomic reactors when utilised. The influence of such radiations on the magnetic components of the satellite have been analysed revealing the critical hazards in the latter circuits system. Remedial measures by appropriate shielding, etc. necessary for maintaining optimum performance of the satellite have been discussed.