A method for discharging an industrial lifting magnet quickly without producing a high voltage transient is presented. Most of the stored magnetic energy is dissipated in the magnet itself by connecting a diode across the magnet in the appropriate direction at discharge time using switching devices. One variation, suitable for smaller magnets, discharges the remaining energy using DC capacitors and a diode switching network. Another variation, suitable for magnets of any size, discharges most of the remaining energy in a power resistor of modest size using a system of diodes and switching devices in conjunction with a relatively small AC capacitor across the magnet.