The Air Jordan III was designed by Tinker Hatfield. It was the first Air Jordan to feature a visible air unit on the heel, the new Jumpman logo, an elephant print trim, and tumble leather for a luxury look. The Air Jordan III were also famous for the humorous ads depicting Spike Lee as Mars Blackmon—the character he played in his film 'She's Gotta Have It'. This campaign was known as "Mars and Mike" ad campaign, which still holds the title today as one of Nike's most successful advertisement campaigns. These were the first Jordans to feature the "NIKE AIR" logo on the back, but later replaced by the Jumpman logo, with the words "AIR" underneath it, similar to the Air Jordan VI. These were said to be Michael Jordan's favorite shoes, he wore them during the 1988 Dunk Championship (which he won) and many other historical events in his basketball career. The Air Jordan 3 also is one of the most famous shoes in the Air Jordan lineup. On many polls, the Air Jordan 3 finishes as the greatest sneaker of all time.

The Air Jordan III's had poor sales when first retro'ed in 1994. However when they were re-retro'ed they sold out instantly. A pair of the Air Jordan III model can be sold for over 300 dollars on various sites, one in particular being eBay. The long awaited "Fire Red" Air Jordan III was released in March 2007. The original Air Jordan III had the "NIKE AIR" logo on the back. Nike replaced it with the Jumpman logo on recent Air Jordan models such as the "Black Cats" or the "Pure Moneys."

In 2007, Jordan brand collaborated with director Spike Lee to release a limited pair of Air Jordan III's in a special colorway to resemble the Do The Right Thing movie poster.

2007 also saw the retroed versions of the Air Jordan III's in two monotone colorways, all black and all white, nicknamed the "Black Cats" and the "Pure Moneys" respectively.

2007 also had the "Flips" which moved the elephant print from the trim to the entire shoe and replacing it with white leather, indeed "Flipping" the original design of white leather with elephant print trim.

In 2009 Jordan Brand will be re-retroing the highy sought after Air Jordan 3 in the True Blue colourway. It has been confirmed that they will be an international-only release, meaning the US will not be selling them in stores. The sole and mid-sole in these shoes take part in the inspiration of the Jordan Spiz'ike, inspired by the Mars Blackmon character.

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