Netflix’s worldwide sensation Squid Game came back with its third chapter on June 27, 2025. The plot centers on Seong Gi-hun (Lee Jung-jae), a.k.a. Player 456, who reenters the lethal competition aiming to destroy it from the inside.
Disclaimer: This article contains spoilers from Squid Game season 3. Reader's discretion is advised.
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Squid Game's third installment resumes following the conclusion of season 2, where Gi-hun faced the loss of his longtime companion, Jeong-bae (Player 390). Gi-hun holds his co-competitor, Kang Ha-neul’s Dae-ho (Player 388), responsible for failing to take a stand against the deadly contest.
By the end of the season, the contest claims Gi-hun's life too, as he fails to make it out of the game, leading to a new player being declared the winner.
Seong Gi-hun dies to shield Jun-hee’s baby in Squid Game season 3
This season intensifies Gi-hun’s moral struggle. When he is tasked with protecting the infant child of the late Jun-hee (Player 222), he regains a sense of mission. The final challenge features nine contestants, including the baby (now assigned the number 222), who must face off in a new version of the game set atop three towers.
The final game involves three timed stages. In each, a minimum of one contestant has to be removed within five minutes. Despite appearing to betray his child and Gi-hun first, Yim Si-wan's Myung-gi (Player 333) eventually turns against the other players.
Myung-gi acts too soon, resulting in just himself, Gi-hun, and the newborn remaining for the last phase. He tries to win by using the baby and attacking Gi-hun, leading to a fight where both nearly fall. Myung-gi dies, but their clash started before the timer began.
Gi-hun hits the start button and instead of allowing the baby to die, he sacrifices himself. The infant is declared the official winner. Following Gi-hun’s death, the Frontman, In-ho (Lee Byung-hun), initiates the shutdown of the island.
Meanwhile, his brother Jun-ho (Wi Ha-jun) and rogue guard No-eul (Park Gyu-young) attempt to stop the operation. In-ho escapes, and the island is destroyed without arrests. No-eul sneaks onto the leaving ship concealed within the crew.
The final moments jump six months ahead. No-eul reunites with Player 246, Gyeong-seok, whom she previously helped flee with his daughter. Jun-ho has resigned from law enforcement and returns home to find the baby left in his care, along with a bank card containing the prize money, 45.6 billion KRW.
In the closing scene, In-ho visits Gi-hun’s daughter, Ga-young, in the U.S., handing over her father’s belongings. It includes his Player 456 jacket and a bank card with his leftover winnings. In the finale of Squid Game season 3, Hollywood star Cate Blanchett features briefly as the American equivalent of the Ddakji recruiter (played by Gong Yoo).
What’s next for Squid Game? Is season 4 on the way?
The creator, Hwang Dong-hyuk, has assured that there will be no season 4 of Squid Game. The main story, he said, is concluded. In a past interview, Hwang explained that while some might expect more, season 3 is the final part. He noted that reactions could vary, but made clear there are no future seasons lined up.
The final scenes shifted the focus abroad. The American recruit (Cate Blanchett) was shown being approached, suggesting the competition is expanding. Though season 4 is not in development, Hwang shared that spin-off projects are being considered in an interview with The Korea Times, saying:
“I have considered the idea of a spin-off. There were moments during production when I grew curious myself."
The finale provided room for future stories, yet the main storyline has wrapped. So, the chance of later entries stays possible, but not confirmed.
All three installments of Squid Game are now accessible to watch on Netflix.
