Magnetic levitation (Maglev) systems represent a transformative advancement in rail transportation, offering high speeds, reduced maintenance, and improved passenger comfort. However, the unique technological features of Maglev systems introduce new risk factors that must be systematically analyzed and managed. The study highlights the importance of system definition, hazard identification, and risk evaluation tailored to Maglev Derived Systems (MDS), defined as applications of technologies developed and used in the Maglev environment to the railways, by means of unique innovative subsystems and operational scenarios. Case studies and literature examples demonstrate how these methods can be adapted for the complex, software-intensive, and high-speed nature of Maglev technology.