diff --git a/src/app.py b/src/app.py
index 4f1838b..bbbac19 100644
--- a/src/app.py
+++ b/src/app.py
@@ -141,6 +141,7 @@ def register_setup_check(app: Flask) -> None:
             "participant.request_access",
             "participant.magic_login",
             "participant.dashboard",
+            "participant.logout",
         ]:
             return
 
diff --git a/src/decorators/auth.py b/src/decorators/auth.py
index 33da940..f024a35 100644
--- a/src/decorators/auth.py
+++ b/src/decorators/auth.py
@@ -2,7 +2,7 @@
 
 from functools import wraps
 
-from flask import flash, redirect, session, url_for
+from flask import abort, flash, redirect, session, url_for
 
 
 def admin_required(f):
@@ -26,3 +26,24 @@ def admin_required(f):
         return f(*args, **kwargs)
 
     return decorated_function
+
+
+def participant_required(f):
+    """Decorator to require participant authentication for a route.
+
+    Checks if user is logged in as participant. If not, returns 403 Forbidden.
+
+    Args:
+        f: The function to decorate.
+
+    Returns:
+        Decorated function that checks authentication.
+    """
+
+    @wraps(f)
+    def decorated_function(*args, **kwargs):
+        if "user_id" not in session or session.get("user_type") != "participant":
+            abort(403)
+        return f(*args, **kwargs)
+
+    return decorated_function
diff --git a/src/models/magic_token.py b/src/models/magic_token.py
index 150b891..8e1ad9b 100644
--- a/src/models/magic_token.py
+++ b/src/models/magic_token.py
@@ -82,7 +82,16 @@ class MagicToken(db.Model):  # type: ignore[name-defined]
     @property
     def is_expired(self) -> bool:
         """Check if token has expired."""
-        return bool(datetime.now(UTC) > self.expires_at)
+        # Handle both timezone-aware and timezone-naive datetimes
+        # SQLite stores datetimes as strings and may lose timezone info
+        now = datetime.now(UTC)
+        expires = self.expires_at
+
+        # If expires_at is timezone-naive, make now timezone-naive for comparison
+        if expires.tzinfo is None:
+            now = now.replace(tzinfo=None)
+
+        return bool(now > expires)
 
     @property
     def is_used(self) -> bool:
diff --git a/src/routes/participant.py b/src/routes/participant.py
index c89c75b..4dd0a3b 100644
--- a/src/routes/participant.py
+++ b/src/routes/participant.py
@@ -4,9 +4,19 @@ import hashlib
 import secrets
 from datetime import UTC, datetime, timedelta
 
-from flask import Blueprint, abort, flash, redirect, render_template, request, url_for
+from flask import (
+    Blueprint,
+    abort,
+    flash,
+    redirect,
+    render_template,
+    request,
+    session,
+    url_for,
+)
 
 from src.app import db
+from src.decorators.auth import participant_required
 from src.forms.participant import MagicLinkRequestForm, ParticipantRegistrationForm
 from src.models.exchange import Exchange
 from src.models.magic_token import MagicToken
@@ -263,14 +273,101 @@ def request_access(slug: str):
 
 
 @participant_bp.route("/auth/participant/magic/<token>")
-def magic_login(token: str):  # noqa: ARG001
+def magic_login(token: str):
     """Magic link login for participants.
 
     Args:
         token: Magic token from email link.
 
     Returns:
-        Redirect to participant dashboard.
+        Redirect to participant dashboard or error page.
     """
-    # Placeholder for Story 5.2
-    abort(404)
+    # Hash the incoming token to look it up
+    token_hash = hashlib.sha256(token.encode()).hexdigest()
+
+    # Look up the token
+    magic_token = db.session.query(MagicToken).filter_by(token_hash=token_hash).first()
+
+    if not magic_token:
+        flash("Invalid or expired magic link.", "error")
+        return render_template("errors/magic_link_error.html"), 200
+
+    # Validate token
+    if magic_token.is_expired:
+        flash("This magic link has expired. Please request a new one.", "error")
+        return render_template("errors/magic_link_error.html"), 200
+
+    if magic_token.is_used:
+        flash(
+            "This magic link has already been used. Please request a new one.",
+            "error",
+        )
+        return render_template("errors/magic_link_error.html"), 200
+
+    # Mark token as used
+    magic_token.used_at = datetime.now(UTC)
+    db.session.commit()
+
+    # Create session
+    session["user_id"] = magic_token.participant_id
+    session["user_type"] = "participant"
+    session["exchange_id"] = magic_token.exchange_id
+
+    # Redirect to participant dashboard
+    return redirect(url_for("participant.dashboard", id=magic_token.exchange_id))
+
+
+@participant_bp.route("/participant/exchange/<int:id>")
+@participant_required
+def dashboard(id: int):  # noqa: A002
+    """Participant dashboard.
+
+    Args:
+        id: Exchange ID.
+
+    Returns:
+        Rendered dashboard template.
+    """
+    # Verify participant has access to this exchange
+    if session.get("exchange_id") != id:
+        abort(403)
+
+    # Get exchange and participant
+    exchange = db.session.query(Exchange).filter_by(id=id).first()
+    if not exchange:
+        abort(404)
+
+    participant = db.session.query(Participant).filter_by(id=session["user_id"]).first()
+    if not participant:
+        abort(404)
+
+    return render_template(
+        "participant/dashboard.html",
+        exchange=exchange,
+        participant=participant,
+    )
+
+
+@participant_bp.route("/participant/logout", methods=["POST"])
+def logout():
+    """Participant logout.
+
+    Returns:
+        Redirect to homepage or success message.
+    """
+    # Store exchange_id before clearing session
+    exchange_id = session.get("exchange_id")
+
+    # Clear session
+    session.clear()
+
+    flash("You've been logged out successfully.", "success")
+
+    # Redirect to the exchange's request access page if we know the exchange
+    if exchange_id:
+        exchange = db.session.query(Exchange).filter_by(id=exchange_id).first()
+        if exchange:
+            return redirect(url_for("participant.request_access", slug=exchange.slug))
+
+    # Fallback to root
+    return redirect("/")
diff --git a/src/templates/errors/403.html b/src/templates/errors/403.html
new file mode 100644
index 0000000..ce76c28
--- /dev/null
+++ b/src/templates/errors/403.html
@@ -0,0 +1,12 @@
+{% extends "layouts/base.html" %}
+
+{% block title %}Forbidden - Sneaky Klaus{% endblock %}
+
+{% block content %}
+<article>
+    <header>
+        <h1>403 - Forbidden</h1>
+    </header>
+    <p>You don't have permission to access this page.</p>
+</article>
+{% endblock %}
diff --git a/src/templates/errors/magic_link_error.html b/src/templates/errors/magic_link_error.html
new file mode 100644
index 0000000..410eb01
--- /dev/null
+++ b/src/templates/errors/magic_link_error.html
@@ -0,0 +1,13 @@
+{% extends "layouts/base.html" %}
+
+{% block title %}Magic Link Error - Sneaky Klaus{% endblock %}
+
+{% block content %}
+<article>
+    <header>
+        <h1>Magic Link Error</h1>
+    </header>
+    <p>There was a problem with your magic link.</p>
+    <p>Please request a new one to access your participant dashboard.</p>
+</article>
+{% endblock %}
diff --git a/src/templates/participant/dashboard.html b/src/templates/participant/dashboard.html
new file mode 100644
index 0000000..ea65d17
--- /dev/null
+++ b/src/templates/participant/dashboard.html
@@ -0,0 +1,48 @@
+{% extends "layouts/base.html" %}
+
+{% block title %}{{ exchange.name }} - Participant Dashboard{% endblock %}
+
+{% block content %}
+<article>
+    <header>
+        <h1>{{ exchange.name }}</h1>
+        <p>Welcome, {{ participant.name }}!</p>
+    </header>
+
+    <section>
+        <h2>Exchange Details</h2>
+        <dl>
+            <dt>Budget</dt>
+            <dd>{{ exchange.budget }}</dd>
+
+            <dt>Gift Exchange Date</dt>
+            <dd>{{ exchange.exchange_date.strftime('%Y-%m-%d') }}</dd>
+
+            <dt>Registration Deadline</dt>
+            <dd>{{ exchange.registration_close_date.strftime('%Y-%m-%d') }}</dd>
+        </dl>
+    </section>
+
+    <section>
+        <h2>Your Information</h2>
+        <dl>
+            <dt>Name</dt>
+            <dd>{{ participant.name }}</dd>
+
+            <dt>Email</dt>
+            <dd>{{ participant.email }}</dd>
+
+            {% if participant.gift_ideas %}
+            <dt>Gift Ideas</dt>
+            <dd>{{ participant.gift_ideas }}</dd>
+            {% endif %}
+        </dl>
+    </section>
+
+    <section>
+        <form method="POST" action="{{ url_for('participant.logout') }}">
+            <button type="submit">Logout</button>
+        </form>
+    </section>
+</article>
+{% endblock %}
diff --git a/tests/integration/test_story_5_2_magic_link_login.py b/tests/integration/test_story_5_2_magic_link_login.py
new file mode 100644
index 0000000..ef15a85
--- /dev/null
+++ b/tests/integration/test_story_5_2_magic_link_login.py
@@ -0,0 +1,194 @@
+"""Tests for Story 5.2: Magic Link Login.
+
+As a participant, I want to click a magic link in my email
+so that I can securely access my participant dashboard.
+"""
+
+import hashlib
+from datetime import UTC, datetime, timedelta
+
+from src.models.exchange import Exchange
+from src.models.magic_token import MagicToken
+from src.models.participant import Participant
+
+
+class TestStory52MagicLinkLogin:
+    """Test suite for Story 5.2: Magic Link Login."""
+
+    def test_valid_magic_link_creates_session(self, client, db):
+        """Test that valid magic link creates session and redirects."""
+        future_close_date = datetime.utcnow() + timedelta(days=7)
+        future_exchange_date = datetime.utcnow() + timedelta(days=14)
+
+        exchange = Exchange(
+            slug="winter2025",
+            name="Office Secret Santa 2025",
+            budget="$50",
+            max_participants=10,
+            registration_close_date=future_close_date,
+            exchange_date=future_exchange_date,
+            timezone="America/New_York",
+            state=Exchange.STATE_REGISTRATION_OPEN,
+        )
+        db.session.add(exchange)
+        db.session.flush()
+
+        participant = Participant(
+            exchange_id=exchange.id,
+            name="John Doe",
+            email="john@example.com",
+            reminder_enabled=True,
+        )
+        db.session.add(participant)
+        db.session.flush()
+
+        # Create magic token
+        token = "test-token-12345"
+        token_hash = hashlib.sha256(token.encode()).hexdigest()
+
+        magic_token = MagicToken(
+            token_hash=token_hash,
+            token_type="magic_link",
+            email="john@example.com",
+            participant_id=participant.id,
+            exchange_id=exchange.id,
+            expires_at=datetime.now(UTC) + timedelta(hours=1),
+        )
+        db.session.add(magic_token)
+        db.session.commit()
+
+        # Click magic link
+        response = client.get(
+            f"/auth/participant/magic/{token}",
+            follow_redirects=False,
+        )
+
+        # Should redirect to dashboard
+        assert response.status_code == 302
+        assert f"/participant/exchange/{exchange.id}" in response.location
+
+        # Should create session
+        with client.session_transaction() as sess:
+            assert "user_id" in sess
+            assert sess["user_id"] == participant.id
+            assert sess["user_type"] == "participant"
+            assert sess["exchange_id"] == exchange.id
+
+        # Should mark token as used
+        db.session.refresh(magic_token)
+        assert magic_token.used_at is not None
+
+    def test_expired_token_shows_error(self, client, db):
+        """Test that expired token shows error message."""
+        future_close_date = datetime.utcnow() + timedelta(days=7)
+        future_exchange_date = datetime.utcnow() + timedelta(days=14)
+
+        exchange = Exchange(
+            slug="test123",
+            name="Test Exchange",
+            budget="$30",
+            max_participants=10,
+            registration_close_date=future_close_date,
+            exchange_date=future_exchange_date,
+            timezone="America/New_York",
+            state=Exchange.STATE_REGISTRATION_OPEN,
+        )
+        db.session.add(exchange)
+        db.session.flush()
+
+        participant = Participant(
+            exchange_id=exchange.id,
+            name="Jane Smith",
+            email="jane@example.com",
+            reminder_enabled=True,
+        )
+        db.session.add(participant)
+        db.session.flush()
+
+        # Create expired token
+        token = "expired-token-12345"
+        token_hash = hashlib.sha256(token.encode()).hexdigest()
+
+        magic_token = MagicToken(
+            token_hash=token_hash,
+            token_type="magic_link",
+            email="jane@example.com",
+            participant_id=participant.id,
+            exchange_id=exchange.id,
+            expires_at=datetime.now(UTC) - timedelta(hours=1),  # Expired
+        )
+        db.session.add(magic_token)
+        db.session.commit()
+
+        # Try to use expired token
+        response = client.get(f"/auth/participant/magic/{token}")
+
+        # Should show error
+        assert response.status_code == 200
+        assert b"expired" in response.data or b"invalid" in response.data
+
+        # Should not create session
+        with client.session_transaction() as sess:
+            assert "user_id" not in sess
+
+        # Should not mark token as used
+        db.session.refresh(magic_token)
+        assert magic_token.used_at is None
+
+    def test_used_token_shows_error(self, client, db):
+        """Test that already-used token shows error message."""
+        future_close_date = datetime.utcnow() + timedelta(days=7)
+        future_exchange_date = datetime.utcnow() + timedelta(days=14)
+
+        exchange = Exchange(
+            slug="test123",
+            name="Test Exchange",
+            budget="$30",
+            max_participants=10,
+            registration_close_date=future_close_date,
+            exchange_date=future_exchange_date,
+            timezone="America/New_York",
+            state=Exchange.STATE_REGISTRATION_OPEN,
+        )
+        db.session.add(exchange)
+        db.session.flush()
+
+        participant = Participant(
+            exchange_id=exchange.id,
+            name="Bob Jones",
+            email="bob@example.com",
+            reminder_enabled=True,
+        )
+        db.session.add(participant)
+        db.session.flush()
+
+        # Create used token
+        token = "used-token-12345"
+        token_hash = hashlib.sha256(token.encode()).hexdigest()
+
+        magic_token = MagicToken(
+            token_hash=token_hash,
+            token_type="magic_link",
+            email="bob@example.com",
+            participant_id=participant.id,
+            exchange_id=exchange.id,
+            expires_at=datetime.now(UTC) + timedelta(hours=1),
+            used_at=datetime.now(UTC) - timedelta(minutes=5),  # Already used
+        )
+        db.session.add(magic_token)
+        db.session.commit()
+
+        # Try to use token again
+        response = client.get(f"/auth/participant/magic/{token}")
+
+        # Should show error
+        assert response.status_code == 200
+        assert b"invalid" in response.data or b"already been used" in response.data
+
+    def test_invalid_token_shows_error(self, client):
+        """Test that invalid/unknown token shows error."""
+        response = client.get("/auth/participant/magic/invalid-token-xyz")
+
+        # Should show error
+        assert response.status_code == 200
+        assert b"Invalid" in response.data
diff --git a/tests/integration/test_story_5_3_participant_session.py b/tests/integration/test_story_5_3_participant_session.py
new file mode 100644
index 0000000..25e00f0
--- /dev/null
+++ b/tests/integration/test_story_5_3_participant_session.py
@@ -0,0 +1,182 @@
+"""Tests for Story 5.3: Participant Session.
+
+As a logged-in participant, I want to access my dashboard
+and manage my session.
+"""
+
+from datetime import datetime, timedelta
+
+from src.models.exchange import Exchange
+from src.models.participant import Participant
+
+
+class TestStory53ParticipantSession:
+    """Test suite for Story 5.3: Participant Session."""
+
+    def test_participant_dashboard_requires_login(self, client, db):
+        """Test that dashboard redirects to request access if not logged in."""
+        future_close_date = datetime.utcnow() + timedelta(days=7)
+        future_exchange_date = datetime.utcnow() + timedelta(days=14)
+
+        exchange = Exchange(
+            slug="test123",
+            name="Test Exchange",
+            budget="$30",
+            max_participants=10,
+            registration_close_date=future_close_date,
+            exchange_date=future_exchange_date,
+            timezone="America/New_York",
+            state=Exchange.STATE_REGISTRATION_OPEN,
+        )
+        db.session.add(exchange)
+        db.session.commit()
+
+        # Try to access dashboard without login
+        response = client.get(
+            f"/participant/exchange/{exchange.id}",
+            follow_redirects=False,
+        )
+
+        # Should redirect or show error
+        assert response.status_code in [302, 403]
+
+    def test_logged_in_participant_sees_dashboard(self, client, db):
+        """Test that logged-in participant can access dashboard."""
+        future_close_date = datetime.utcnow() + timedelta(days=7)
+        future_exchange_date = datetime.utcnow() + timedelta(days=14)
+
+        exchange = Exchange(
+            slug="test123",
+            name="Test Exchange",
+            budget="$30",
+            max_participants=10,
+            registration_close_date=future_close_date,
+            exchange_date=future_exchange_date,
+            timezone="America/New_York",
+            state=Exchange.STATE_REGISTRATION_OPEN,
+        )
+        db.session.add(exchange)
+        db.session.flush()
+
+        participant = Participant(
+            exchange_id=exchange.id,
+            name="John Doe",
+            email="john@example.com",
+            reminder_enabled=True,
+        )
+        db.session.add(participant)
+        db.session.commit()
+
+        # Log in as participant
+        with client.session_transaction() as sess:
+            sess["user_id"] = participant.id
+            sess["user_type"] = "participant"
+            sess["exchange_id"] = exchange.id
+
+        # Access dashboard
+        response = client.get(f"/participant/exchange/{exchange.id}")
+
+        # Should show dashboard
+        assert response.status_code == 200
+        assert b"Test Exchange" in response.data
+        assert b"John Doe" in response.data
+
+    def test_participant_can_logout(self, client, db):
+        """Test that participant can log out."""
+        future_close_date = datetime.utcnow() + timedelta(days=7)
+        future_exchange_date = datetime.utcnow() + timedelta(days=14)
+
+        exchange = Exchange(
+            slug="test123",
+            name="Test Exchange",
+            budget="$30",
+            max_participants=10,
+            registration_close_date=future_close_date,
+            exchange_date=future_exchange_date,
+            timezone="America/New_York",
+            state=Exchange.STATE_REGISTRATION_OPEN,
+        )
+        db.session.add(exchange)
+        db.session.flush()
+
+        participant = Participant(
+            exchange_id=exchange.id,
+            name="Jane Smith",
+            email="jane@example.com",
+            reminder_enabled=True,
+        )
+        db.session.add(participant)
+        db.session.commit()
+
+        # Log in
+        with client.session_transaction() as sess:
+            sess["user_id"] = participant.id
+            sess["user_type"] = "participant"
+            sess["exchange_id"] = exchange.id
+
+        # Logout
+        response = client.post("/participant/logout", follow_redirects=True)
+
+        # Should show success message
+        assert response.status_code == 200
+        assert b"logged out" in response.data
+
+    def test_participant_cannot_access_other_exchange(self, client, db):
+        """Test that participant cannot access another exchange's dashboard."""
+        future_close_date = datetime.utcnow() + timedelta(days=7)
+        future_exchange_date = datetime.utcnow() + timedelta(days=14)
+
+        # Create two exchanges
+        exchange1 = Exchange(
+            slug="exchange1",
+            name="Exchange 1",
+            budget="$30",
+            max_participants=10,
+            registration_close_date=future_close_date,
+            exchange_date=future_exchange_date,
+            timezone="America/New_York",
+            state=Exchange.STATE_REGISTRATION_OPEN,
+        )
+        exchange2 = Exchange(
+            slug="exchange2",
+            name="Exchange 2",
+            budget="$40",
+            max_participants=10,
+            registration_close_date=future_close_date,
+            exchange_date=future_exchange_date,
+            timezone="America/New_York",
+            state=Exchange.STATE_REGISTRATION_OPEN,
+        )
+        db.session.add(exchange1)
+        db.session.add(exchange2)
+        db.session.flush()
+
+        # Create participant for exchange1
+        participant = Participant(
+            exchange_id=exchange1.id,
+            name="Alice",
+            email="alice@example.com",
+            reminder_enabled=True,
+        )
+        db.session.add(participant)
+        db.session.commit()
+
+        # Log in as participant for exchange1
+        with client.session_transaction() as sess:
+            sess["user_id"] = participant.id
+            sess["user_type"] = "participant"
+            sess["exchange_id"] = exchange1.id
+
+        # Try to access exchange2's dashboard
+        response = client.get(f"/participant/exchange/{exchange2.id}")
+
+        # Should be forbidden
+        assert response.status_code == 403
+
+    def test_participant_required_decorator_works(self, client):
+        """Test that participant_required decorator protects routes."""
+        # Try to access protected route without login
+        response = client.get("/participant/exchange/999")
+
+        # Should redirect or show error
+        assert response.status_code in [302, 403]