Activation analysis has been performed for the D-3He fueled reactor ARIES-III. The activity, decay heat and biological hazard potential (BHP) have been calculated for the low activation steel (modified HT-9) first wall and shield as a function of time following the reactor shutdown. The total activity produced in the reactor at shutdown is 1549 MCi. The total activity produced in the reactor organic coolant following 30 full power years of operation without reprocessing is 458 Ci. The modified HT-9 shield qualifies for shallow land burial as Class A low level waste. The biological dose rate after shutdown at the back of the outboard shield is too high to allow hands-on maintenance. Burning all the tritium in the plasma chamber results in increasing the radioactivity generated in ARIES-III by 65% to 85% at different times following the reactor shutdown.