Magnus Aarbakke (born 14 October 1934) is a Norwegian judge.
He was born in Tysnes. He took the Dr.juris degree in 1967 on the thesis Virksomhetsbegrepet i norsk skatterett, and was a professor at the University of Oslo from 1968 to 1990. He specialized in commercial law, and was among the editors of the journal Tidsskrift for rettsvitenskap between 1974 and 2001. After leaving the professorship he worked as a lawyer for some years, and then served as a Supreme Court Justice from 1994 to 2002. He is a member of the Norwegian Academy of Science and Letters.