The third wave of Walt Disney Treasures was released on May 18, 2004. It was originally planned to be released in December 2003, but was delayed for almost half a year in order to meet an increased demand with a higher number of tins produced. This wave was the first to have a certificate of authenticity with the individual number of the tin on it, replacing the number embossed on the tin. This was the final wave released with side straps.

This set picks up from where Mickey Mouse in Living Color, Volume One leaves off. This was one of the few "Treasures" sets to have an international release (on April 4, 2005). Like the first volume, it was retitled Mickey Mouse in Living Colour in the UK due to American and British English spelling differences.

175,000 sets were produced.

This set covers the first leg of Donald Duck's long career, from 1934 to 1941. This was one of the few "Treasures" sets to have an international release (on April 4, 2005). 165,000 sets were produced.

This set covers all the World War II cartoons. 250,000 sets were produced.

(*) = non-theatrical

This set collects the various episodes of the Walt Disney anthology series that were set in Tomorrowland, many of them directed by legendary Disney animator Ward Kimball. 105,000 sets were produced.