We calculate the magnetic moments of hyperons in dense nuclear matter by using relativistic quark models. Hyperons are treated as MIT bags, and the interactions are considered to be mediated by the exchange of scalar and vector mesons which are approximated as mean fields. Model dependence is investigated by using the quark–meson coupling model and the modified quark–meson coupling model; in the former the bag constant is independent of density and in the latter it depends on density. Both models give us the magnitudes of the magnetic moments increasing with density for most octet baryons. But there is a considerable model dependence in the values of the magnetic moments in dense medium. The magnetic moments at the nuclear saturation density calculated by the quark–meson coupling model are only a few percents larger than those in free space, but the magnetic moments from the modified quark–meson coupling model increase more than 10% for most hyperons. The correlations between the bag radius of hyperons and the magnetic moments of hyperons in dense matter are discussed.