AllGame's Brett Alan Weiss reviewed the arcade version and scored it 4.5 out of 5 stars, concluding that it is a "deep game with a cinematic look and virtually limitless replay value". The 5th "GameFan" Megawards of 1996 gave "Virtua Fighter 3" the award for Coin-Op Game of the Year. It also won the 1996 Spotlight Award for Best Arcade Game and was a runner-up for "Electronic Gaming Monthly"s Arcade Game of the Year, behind "Street Fighter Alpha 2". The 10th "Gamest" Awards gave it the award for Best Graphics of 1996, and it placed fourth place for overall Game of the Year and fifth place for Best Fighting Game.