Generation III reactors, or Gen III reactors, are a class of nuclear reactors designed to succeed Generation II reactors, incorporating evolutionary improvements in design. These include improved fuel technology, higher thermal efficiency, significantly enhanced safety systems (including passive nuclear safety), and standardized designs intended to reduce maintenance and capital costs. They are promoted by the Generation IV International Forum (GIF).

The first Generation III reactors to begin operation were Kashiwazaki 6 and 7 advanced boiling water reactors (ABWRs) in 1996 and 1997. From 2012, both have been shut down due to a less permissive political environment in the wake of the Fukushima nuclear accident. Due to the prolonged period of stagnation in the construction of new reactors and the continued (albeit declining) popularity of Generation II/II+ designs in new construction, relatively few third generation reactors have been built.

The older Gen II reactors comprise the vast majority of current nuclear reactors. Gen III reactors are so-called advanced light-water reactors (LWRs). Gen III+ reactors are labeled as "evolutionary designs". Though the distinction between Gen II and III reactors is arbitrary, few Gen III reactors have reached the commercial stage as of 2022. The Generation IV International Forum calls Gen IV reactors "revolutionary designs". These are concepts for which no concrete prognoses for realization existed at the time.

The improvements in reactor technology in third generation reactors are intended to result in a longer operational life (designed for 60 years of operation, extendable to 100+ years of operation prior to complete overhaul and reactor pressure vessel replacement) compared with currently used Generation II reactors (designed for 40 years of operation, extendable to 60+ years of operation prior to complete overhaul and pressure vessel replacement).

The core damage frequencies for these reactors are designed to be lower than for Generation II reactors – 60 core damage events for the European Pressurized Reactor (EPR) and 3 core damage events for the Economic Simplified Boiling Water Reactor (ESBWR) per 100 million reactor-years are significantly lower than the 1,000 core damage events per 100 million reactor-years for BWR/4 Generation II reactors.

The third generation EPR reactor was also designed to use uranium more efficiently than older Generation II reactors, using approximately 17% less per unit of electricity generated than these older reactor technologies. An independent analysis conducted by environmental scientist Barry Brook on the greater efficiency and therefore lower material needs of Gen III reactors, corroborates this finding.

Gen III+ reactor designs are an evolutionary development of Gen III reactors, offering improvements in safety over Gen III reactor designs. Manufacturers began development of Gen III+ systems in the 1990s by building on the operating experience of the American, Japanese, and Western European light-water reactor.^{[citation needed]}

The nuclear industry began to promote a nuclear renaissance suggesting that Gen III+ designs should solve three key problems: safety, cost and buildability. Construction costs of US$1,000/kW were forecast, a level that would make nuclear competitive with gas, and construction times of four years or less were expected. However, these estimates proved over-optimistic.^{[citation needed]}