Malone's 62-16 victory at Rainey means they join Ballynahinch and City of Derry in the semi-finals of the First Trust Senior Cup.
The Ballymena versus Banbridge tie was postponed due to a bereavement.
The re-arrangement of this tie will be difficult as both teams are involved in AIL games for the next four Saturdays with the semi-finals of the Cup scheduled for November 29 and the final on Wednesday, December 10.
In the other quarter-final Malone had the fitness and pace in a marvellous performance in which they did little wrong. They scored nine tries for Josh Pentland to convert seven and add a penalty. Their try scorers were full-back Andy Bryans (2), Ross Todd (2), Nathan Brown, Ross Kane, Michael Cartmill, Neil Burns and Michael Barker.
The Magherafelt team matched their opponents for the first 25 minutes but when Sam Mackey was yellow carded Malone ran in three tries and the contest was as good as over. Full credit to Rainey who never gave up with tries by Stuart McCloskey and Mark Gordon, the former also kicking two penalties.
Four Ulster teams participate in the All Ireland Junior Cup this afternoon - CIYMS v Ballinasloe Clogher Valley v Clondalkin, Clonmel v Bangor and Enniscorthy (holders) v Portadown