After the defeat of Sheltem and his forces on CRON in Might and Magic II: Gates to Another World, a new party of adventurers from Sheltem’s “homeworld” of Terra find themselves embroiled in the battle between the two Guardians. The adventurers must aid the mysterious Corak in attempting to stop Sheltem once again and putting an end to his evil machinations. In canon, these adventurers are named Sir Caneghem, Crag Hack, Maximus, Resurrectra, Dark Shade, Kastore, Robert the Wise and Tolberti.
Might and Magic III employs an updated first person perspective interface based on the one employed by Might and Magic Book One: The Secret of the Inner Sanctum and Might and Magic II: Gates to Another World. The action is turn based throughout the game phases. A number of improvements, made possible by an expanded development team and advancements in computer technology, are incorporated. The graphics are more colourful, taking advantage of contemporary VGA displays.
A number of sound cards are supported, offering improved sound effects, background music, and synthesized speech. Mouse interaction is also supported for the first time. Textual character summaries in the lower portion of the screen are replaced with a graphical head-up display, featuring the faces of the player characters, which wear different expressions depending on the condition of the character. Spells are selected from a list: an improvement on previous games where they had to be specified using numeric codes.