‘Squid Game' Season 3 Ending Explained—Who Wins, Who Dies And What It All Means

Forbes

a day ago

Squid Game S3 Lee Jung-jae as Seong Gi-hun in Squid Game S3
Warning: Spoilers ahead for all of Squid Game Season 3.
The explosive series finale of Squid Game delivers some of the most emotional and intense moments of the entire series. The game ends with the heartbreaking death of a major character, and the last scene appears to set the stage for a potential spinoff. Read on for a complete breakdown of how Squid Game Season 3 brings Netflix's South Korean thriller to a close.
The third season opens in the wake of the deadly rebellion depicted in the Season 2 finale, which left Jung-Bae and many of Gi-hun's allies dead. Young-il is no longer a player and has resumed his role as the cloaked Front Man. Still unaware of the Front Man's true identity, Gi-hun grapples with survivor's guilt and begs to be killed. He's then forced to compete in a sinister game of hide-and-seek, where even more players are eliminated.
Young-il's brother is still searching for the island — but a traitor on the boat is preventing the detective from reaching the game site. Woo-seok grows suspicious of Captain Park, breaks into his home, and discovers photos of him with the Front Man, along with his Squid Game uniform. Woo-seok is arrested but manages to steal back his phone to warn Jun-ho before it's too late.
Although Gi-hun wants to save as many people as possible, he's forced to continue playing the remaining games, including a terrifying round of double Dutch involving the creepy giant dolls. He manages to carry Jun-hee's (Player 222) baby to safety, but after Jun-hee dies, the VIPs vote to bring her newborn into the competition.
How Does The Front Man Reveal Himself To Gi-Hun?
Squid Game S3 Lee Byung-hun as Frontman in Squid Game S3
For the final game, the nine remaining players are given the power to select at least three competitors to eliminate. Surprisingly, the Front Man summons Gi-hun and offers him a proposition.
'I'm trying to help you and the baby,' the cloaked man says, suggesting he may have had a change of heart. He gives Gi-hun a knife and tells him to go back and kill anyone who wants to harm him or the baby.
When Gi-hun asks why he's saying all of this now, the Front Man removes his mask. 'I'm sorry about Jung-bae,' he says. As Gi-hun prepares to attack, the Front Man tells him that killing him won't change anything — the games will simply appoint a new leader and continue. He explains that if Gi-hun kills the other players in their sleep, he and the baby will win the game, since the next round can't proceed with just two players. But Gi-hun can't go through with it.
How Does The Final Game Of Squid Game Work?
Squid Game S3 Lee David as Min-su in Squid Game S3 Cr. No Ju-han/Netflix © 2025
The final game is called Sky Squid Game. It takes place over three rounds and requires players to move across three pillars: one shaped like a square, another like a triangle and the last like a circle. On each pillar, players must push at least one other player off the structure. However, a red button on the ground must be pressed to officially start each round; any deaths that occur outside an active round are considered invalid.
Gi-hun holds Jun-hee's baby close to his chest, honoring his promise to protect her. During the first two rounds, he manages to keep the baby away from the other players, whose alliances constantly shift. The child's father, Myung-gi, even tries to kill her out of greed for the prize money.
By the third and final round, only Gi-hun, Myung-gi, and the baby remain. Gi-hun and Myung-gi face off in a violent knife fight, as Myung-gi attempts to eliminate his own child and claim the entire prize. But Gi-hun stops him, and Player 333 ultimately falls to his death.
Does Gi-hun Die In Squid Game Season 3?
Squid Game S3 Lee Jung-jae as Seong Gi-hun in Squid Game S3
After Myung-gi is killed, Gi-hun realizes the red button was never pressed — meaning the final round hadn't officially started. He presses the button, and the ten-minute timer begins. Holding the baby one last time, he kisses them on the forehead.
Now, he's left with three options: kill the baby and win the games for a second time, do nothing and let them both be killed or sacrifice himself and let the baby win. He delivers a final speech to the Front Man and the VIPs, reminding them that the players are not 'horses' but human beings. Then, he jumps off the platform, choosing to end his life to save the baby.
Series creator Hwang Dong-hyuk told Netflix's Tudum that he hadn't originally planned for Gi-hun to die. But he ultimately realized the story needed something that would bring 'both the game and Gi-hun's journey' to a close.
'The message I wanted to communicate was that if we solely pursue our immediate self-interest, and refuse to self-restrain, sacrifice, or bear any costs — and if we don't put our heads together — we have no future,' Hwang explained. "Gi-hun's self-sacrifice to save the baby is the message we need to hear today. This character, who is thrust into the game, endures everything, and then jumps back in to end it, is the one who should deliver this message.'
Who Is The Winner Of Squid Game Season 3?
Squid Game Season 3
Player 222, Jun-hee's baby, is declared the winner of Squid Game following Gi-hun's death. According to creator Hwang Dong-hyuk, the twist was designed to inspire hope. "Ultimately, the baby represents the future generation."
'I believe we also have the responsibility and duty to try everything that we can in our power to leave a better world for the future generation,' he added. 'The baby coming out [as] the winner was in line with the meaning of Squid Game.'
What Happens To Gyeong-seok (Player 246) And No-eul?
Squid Game 3 Park Gyu-young as Kang No-eul
In Season 3, Pink Guard No-eul devises a plan to rescue Gyeong-seok (Player 246) and get him safely off the island. She first met Gyeong-seok while working at an amusement park, where she was introduced to his sweet daughter, who was later diagnosed with cancer. Knowing the child couldn't survive without her father, No-eul wanted to help him escape.
Before Gyeong-seok's organs could be harvested following his elimination from the game, No-eul pretended to befriend the guards, then killed them and forced the doctor to save his life. After they were discovered by her boss, she was also forced to kill her superior and burned all the participant files. She successfully got Gyeong-seok off the island, where he was rescued by Jun-ho and the Coast Guard.
Six months after the games, No-eul visits Gyeong-seok. He draws a portrait of her, unaware that she was the guard who saved his life. His daughter, Na-Yeon, is also shown to be alive and doing well. As No-eul leaves the amusement park, she receives a life-changing phone call: her own daughter may have escaped North Korea and could be in mainland China.
No-eul's story ends on a hopeful note as she decides to follow the lead and boards a plane to China. 'She's someone whose inner light has all but faded, drifting deeper into the night,' Hwang said to Tudum. Then, when she shaw Gi-hun's 'ultimate act of self-sacrifice," something inside her shifted. 'A flicker of hope and pull towards life reignites within No-eul. I wanted to show her rising again, reclaiming her will to live, and giving life another shot.'
What Does The Front Man Do With Player 222?
Squid Game S3 Wi Ha-jun as Hwang Jun-ho in Squid Game S3
After Gi-hun is eliminated, a guard informs the Front Man that the Coast Guard is approaching. The Front Man orders the island to be evacuated. Before leaving, he visits Gi-hun's body and rescues Jun-hee's baby, who is still lying on the circle pillar.
After grabbing the baby, the Front Man encounters his brother, Jun-ho, in the VIP viewing area. Jun-ho demands answers about his involvement in the games, but the Front Man remains silent. He then activates a timer that will detonate explosives across the island, effectively erasing all traces of what took place.
Six months later, the Front Man breaks into Jun-ho's apartment and leaves behind a gift. When Jun-ho walks in, he finds Jun-hee's baby lying on the table, along with a debit card loaded with her 4.56 billion won prize money.
So, Who Took Gi-hun's Prize Money?
Squid Game S3 Lee Byung-hun as Frontman in Squid Game S3
After Woo-seok is released from jail, he asks Jun-ho what happened to Gi-hun's prize money, which had been left on a bed at the Pink Motel. Later, it's revealed that the Front Man took the cash, deposited it into a bank account, and traveled to Los Angeles to give the money to Gi-hun's daughter, Ga-yeong. He also informs her of her father's death.
What Does the Final Scene Of Squid Game Season 3 Mean?
After leaving Ga-yeong's home, the Front Man is driving through Downtown Los Angeles when he hears two people playing the familiar Korean game, ddakji. He looks over and sees a struggling man and a well-dressed woman, portrayed by Cate Blanchett, holding a briefcase. She glances at him, appearing to be a recruiter for another version of the games — possibly an American version.
While David Fincher is reportedly developing an English-language Squid Game spinoff for Netflix, sources told The Hollywood Reporter that the cameo in the final scene in Season 3 is not currently intended to set up any future storylines 'at this time.'
Meanwhile, Hwang Dong-hyuk explained the creative decision behind the surprise cameo. He told Netflix that he felt having a 'woman as a recruiter would be more dramatic and intriguing" for the series. "And as for why Cate Blanchett, she's just the best, with unmatched charisma. Who doesn't love her? So we were very happy to have her appear. We needed someone who could dominate the screen with just one or two words, which is exactly what she did.'
He continued, 'If Gong Yoo is the Korean Recruiter, I thought she would be the perfect fit as the American Recruiter, bringing a short but gripping and impactful ending to the story.'
Stay tuned to learn more details about the potential Squid Game spinoff.
Squid Game Season 3 is streaming on Netflix. Watch the official trailer below.