Phase III is the third studio album by the American singing group The Osmonds, released in 1972. The album entered the Billboard Top LPs chart on January 29, and reached number ten on March 11. Two singles released from the album, "Yo-Yo" and "Down by the Lazy River", reached No. 3 and No. 4 on the Billboard Hot 100 singles chart, respectively. The album was certified Gold by the RIAA on May 29, 1972.

The Osmonds were an American family music group who reached the height of their fame in the early to mid-1970s. The group had its best-known configurations as a quartet and a quintet. The group has consisted of siblings who are all members of a family of musicians from Ogden, Utah, and have been in the public eye since the 1960s.