Gauntlet III is an action-based dungeon exploration game. Like in the predecessors you empty areas infested by all kinds of enemies while running for the exit. Like this was rather a straight forward thing in the first two games, it's not that easy to finish a level anymore. While you only had to run until you find the exit (and besides killing hordes of enemies you probably find some keys to unlock doors leading to deeper dungeons) you might have to solve a few "quests" to proceed to the next level in this installment. These "quests" are very basic, for example you have to find object A, then bring it to B, advance to C and finally go to D to uncover the exit.
While the first two games had a top-down view, Gauntlet 3 has an isometric perspective. The old four characters (warrior, wizard, elf and valkyrie) are ready for action again and this time they get backup by four new characters which include the Lizard, Neptune, Stoneman and the Iceman.