We analyze the Okubo SU(3) relation among the hyperon magnetic moments in t
he usual scheme of chiral perturbation theory (ChPT). We classify the one-l
oop diagrams, including those with intermediate decuplet baryons, in a simp
le way according to whether or not they satisfy the Okubo relation. Contrar
y to the conventional wisdom, we find that one-loop contributions to the hy
peron magnetic moments in general violate the Okubo relation if the physica
l masses are employed for the meson propagators in the loops.