Squid Game Season 3 Ending Explained: Review to Help You Understand Everything

Squid Game has become one of Netflix’s most gripping series ever, weaving brutal competition with a dark critique of capitalism. 

With Season 3 marking the show’s final chapter, fans were left both shocked and satisfied by its explosive conclusion.

If you’re still piecing together what happened to Gi-hun, the VIPs, the baby, and the Squid Game itself, this review and breakdown will help you understand every major twist, revelation, and decision that led to the show’s unforgettable ending.

Key Takeaways

• Gi-hun sacrifices himself rather than become the final champion, entrusting the baby to the frontman.
• In-ho turns against the VIPs, destroying the Squid Game island in an act of rebellion.
• No-eul stops the organ trafficking operation, fulfilling her mission.
• Jun-ho survives, though he never reunites with his brother.
• The series ends with hints the Squid Game will continue globally.

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What Happens to Gi-hun in Season 3?

Seong Gi-hun starts Season 3 determined to end the Squid Games once and for all. After his failed coup, he returns to the competition burdened by guilt and regret over the deaths of his allies. 

Throughout the season, Gi-hun tries to protect an innocent baby born during the games while fighting off both the guards and fellow contestants.

In the final game, called “Sky Squid,” Gi-hun faces Lee Myung-gi, who is revealed to be the baby’s father. Myung-gi plans to kill his own child to secure victory, while Gi-hun wrestles with whether winning is worth sacrificing his humanity.

In the end, Gi-hun makes the ultimate sacrifice—jumping from the platform to his death rather than becoming the victor. This act of selflessness shames the VIPs and inspires In-ho to betray them.

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What Is In-ho’s Role in the Finale?

Hwang In-ho, the masked frontman, is a former Squid Game winner and the brother of detective Jun-ho. While he has long upheld the brutal tradition, Season 3 reveals he’s become disillusioned.

After Gi-hun’s death, In-ho takes decisive action. He rescues the baby, initiates the facility’s self-destruct protocol, and escapes before the explosion. 

By the finale, In-ho has not only destroyed the games but also chosen to honor Gi-hun’s sacrifice by caring for the child.

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How Does No-eul’s Story End?

No-eul, the North Korean defector turned pink guard, uncovers the organ trafficking ring within the games. She kills the doctor running the operation and erases all digital records of past contestants, giving closure to countless families.

As the island explodes, No-eul and Jun-ho narrowly escape by boat. Her storyline closes with her planning a journey to China to search for her own lost daughter.

Do the Squid Games Really End?

Despite the destruction of the island, the final scene implies the Squid Game is far from over. 

In-ho delivers Gi-hun’s belongings to his daughter, including access to his prize money. As he leaves, he notices an American recruiter playing ddakji with a stranger in an alley—just like how Gi-hun was first approached.

This moment signals that the VIPs have moved their operations worldwide. Even after In-ho’s rebellion, the deadly game lives on, suggesting that greed and violence can’t be extinguished so easily.

What Does the Ending Mean?

The ending delivers several key messages:

• Gi-hun’s sacrifice represents the power of individual morality over systemic exploitation.
• In-ho’s transformation shows that even insiders can change when confronted with truth.
• The baby’s survival provides a symbol of hope, innocence, and possible redemption.
• The global spread of Squid Game implies that the underlying critique of capitalism is bigger than any single act of defiance.

Will There Be a Season 4?

Creator Hwang Dong-hyuk has confirmed there are no plans for a traditional Season 4. 

However, multiple spin-offs and sequels are already in development. The American recruiter played by Cate Blanchett hints that future stories may follow new characters in different countries.

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Conclusion

Squid Game Season 3 delivers an ending that is as heartbreaking as it is thought-provoking. Gi-hun’s sacrifice, In-ho’s rebellion, and the baby’s survival create a powerful final statement on the price of greed and the resilience of human dignity.

Though the main storyline has concluded, the last moments remind us that the forces driving the Squid Games are alive and well—spreading across the world. Whether you see the ending as hopeful or tragic, it cements Squid Game as one of the most daring and impactful series in Netflix’s history.

If you loved the show or felt torn by its conclusion, you’re not alone. The story’s open-ended nature is designed to make you think, question, and never forget that sometimes, the game never really ends.

FAQ

Is Squid Game Season 3 really the end?

Yes, this season concludes the main story arc, though spin-offs are planned.

Why did Gi-hun kill himself?

He believed no victory was worth the child’s suffering and refused to play by the VIPs’ rules.

What happened to the baby?

In-ho saved her and arranged for her inheritance, leaving her in Jun-ho’s care.

Did Jun-ho reunite with his brother?

No, Jun-ho survives but never reconciles with In-ho.

Will the Squid Game continue?

The final scene shows the games expanding globally, implying the cycle of violence persists.