A failure modes and consequence analysis of fusion magnet system is an important contributor towards enhancing the design by improving the reliability and reducing the risk associated with the operation of magnet systems. In the first part of this study, a failure mode analysis of a superconductin magnet system is performed. Building on the functional breakdown and the fault tree analysis of the Toroidal Field (TF) coils of the Next European Torus (NET), several subsystem levels are added and an overview of potential sources of failures in a manet system is provided. The failure analysis is extended to the Poloidal Field PF) magnet system. Furthermore, an extensive analysis of interactions within the fusion device caused by the operation of the PF magnets is presented in the form of an Interaction Matrix. A number of these interactions may have significant consequences for the TF magnet system particularly interactions triggered by electrical failures in the PF magnet system. This report is based on the thesis submitted by the first author to the Department of Nuclear Engineering at MIT in partial fulfillment of the requirements for an M.S. degree. We are grateful for the many valuable discussions and the support of R.D. Pillsbury and W.R. Mann from the MIT Plasma Fusion Center during the modeling and simulation process. Furthermore, we would like to thank R. Binde from the NET Team, Garching, FRG, for his interest in this work and the valuable information about the NET program he provided throughout this study.