We present the extension of the magnetic breakout model for CME initiation to a fully three-dimensional, spherical geometry. Given the increased complexity of the dynamic magnetic field interactions in three dimensions, we first present a summary of the well known axisymmetric breakout scenario in terms of the topological evolution associated with the various phases of the eruptive process. In this context, we discuss the analogous topological evolution during the magnetic breakout CME initiation process in the simplest three-dimensional multipolar system. We show that an extended bipolar active region embedded in an oppositely directed background dipole field has all the necessary topological features required for magnetic breakout, i.e., a fan separatrix surface between the two distinct flux systems, a pair of spine field lines, and a true three-dimensional coronal null point at their intersection. We then present the results of a numerical MHD simulation of this three-dimensional system where boundary shearing flows introduce free magnetic energy, eventually leading to a fast magnetic breakout CME. The eruptive flare reconnection facilitates the rapid conversion of this stored free magnetic energy into kinetic energy and the associated acceleration causes the erupting field and plasma structure to reach an asymptotic eruption velocity of ≳1100 km s−1 over an ~15 minute time period. The simulation results are discussed using the topological insight developed to interpret the various phases of the eruption and the complex, dynamic, and interacting magnetic field structures.