The First Step: Chapter Three is the third single album by South Korean boy band Treasure. It was released as the follow-up to The First Step: Chapter Two on November 6, 2020, through YG Entertainment and distributed through YG Plus. The single album was released for pre-order on 27 October. The single album was produced by Aftrshok, Czaer and Future Bounce. The First Step: Chapter Three is primarily a rap/hip hop record with lo-fi and trap elements.

Treasure, is a South Korean boy band formed in 2019 by YG Entertainment, through YG Treasure Box (2018–2019); and consists of 10 members: Choi Hyun-suk, Jihoon, Yoshi, Junkyu, Yoon Jae-hyuk, Asahi, Doyoung, Haruto, Park Jeong-woo, and So Jung-hwan. Its former members, Mashiho and Bang Ye-dam, departed from the group in November 2022. Treasure debuted with the single album The First Step: Chapter One (2020)—the first in a tetralogy of albums which collectively sold over one million copies in five months.