Squid Game Season 3 Ending Explained: Shocking Twists and What’s Next for the Franchise

On June 27, Netflix released Squid Game Season 3, marking the explosive finale of the globally acclaimed survival series. Returning with a $74 million production budget and sky-high expectations, the final chapter follows Gi-hun (Lee Jung-jae) as he reenters the deadly game to dismantle it from within. What unfolds is a harrowing narrative of failed rebellion, human tragedy, and a chilling hint that the game may not be over after all.

*Spoiler Alert:

Gi-hun’s Rebellion Fails, Leaving Only Guilt

After winning 45.6 billion won in Season 1, Gi-hun returns to the Squid Game haunted by nightmares and driven by a desire to destroy the inhumane system. He forms an underground alliance, seizes weapons from the Pink Guards, and leads an assault against the Front Man (Lee Byung-hun). But a critical mistake by Dae-ho (Kang Ha-neul)—attempting to shoot with an empty gun—leads to the failure of their revolt. Gi-hun watches his team die and is the only one brought back alive in a coffin, riddled with guilt and a thirst for vengeance.

A Cruel New Game Begins

The brutality escalates with the first challenge—a twisted version of hide-and-seek—where teams are randomly assigned red or blue vests. Red team members must kill at least one blue team member to survive. Amid this chaos, a pregnant contestant Jun-hee goes into labor. Geum-ja (Kang Ae-sim) and Hyun-joo help her deliver her baby in one of the most gut-wrenching scenes of the series. In a tragic turn, Geum-ja kills her own son Yong-sik (Yang Dong-geun) due to the team draw, and later takes her own life.

In the second game, a massive jump rope challenge, Gi-hun takes Geum-ja’s place to protect Jun-hee and her newborn. But Jun-hee, suffering from an ankle injury, sacrifices herself to save her baby. The Front Man and VIPs cruelly assign the baby her mother’s number, “222,” highlighting the system’s utter lack of humanity.

In the finale, nine survivors—including Gi-hun, Myeong-gi (Im Si-wan), and the infant—compete on structures shaped like □, △, and ○. Each structure requires a sacrifice for others to advance. Myeong-gi, torn between saving the baby or winning the game, eventually falls after a struggle, allowing Gi-hun to escape with the child. But in a final twist, Gi-hun realizes he never pressed the start button for the game. Facing the Front Man and the VIPs, he declares, “Humans are not pawns,” before voluntarily stepping off and ending his life.

Meanwhile, Pink Guard No-eul (Park Gyu-young) helps Gyeong-seok (Lee Jin-uk) escape the island with hopes of treating his sick daughter. Detective Jun-ho (Wi Ha-joon), after tracking down the island and confronting his brother (the Front Man), is left with the game’s winning card and the baby—marking a possible new beginning.

Season 3 Review: Deeper Characters, But Missing Season 1’s Impact

While Season 3 improves on Season 2’s flaws—especially with character depth and the emotional weight of the baby’s storyline—it still lacks the raw tension and originality that made Season 1 a phenomenon. Director Hwang Dong-hyuk has said that if Season 1 was a critique of capitalism and Season 2 depicted the futility of revolution, then Season 3 is about inner despair and the fear of losing faith in humanity.

Despite being called the “final season,” the last scene shows two people playing the ddakji paper game on a U.S. street. A mysterious woman locks eyes with the Front Man, strongly suggesting the Squid Game will continue. Hwang Dong-hyuk and Lee Byung-hun have hinted in U.S. interviews that spin-offs or a sequel might be on the way.

The ending leaves viewers questioning: Will the cycle ever end? Can Jun-ho raise the baby differently? Will the next Squid Game be even more global? One thing is certain—**Squid Game Season 3 **closes one chapter, but opens the door to many more.