Fight Night Round 3 is the third installment of the EA boxing (sports) franchise and the first boxing game to appear on the PSP. Create your own personalized boxer and face off against opponents in either one-off or career mode matches. Career modes start you off at the beginning of a professional boxing career and pitches you against fighters or increasing rank and skill. Through training and winning matches you work your way up through the ranks to become a prominent title fighter.

This specific version of the game introduces the franchise to PSP. The 'Total Control' system is modified while retaining the same moves and haymaker punches. The PSP version also brings two player competition through the wireless ad-hoc and infrastructure connectivity.

Further special features of Fight Night Round 3 for PSP include the Rival Challenges game modes which allow you to replay or change historic boxing matches in exchange for money and equipment upgrades. These fights allow you to play as legends such as Muhammad Ali, Oscar De La Hoya, Joe Frazier... Next to Repeat History and Change History, there is also a game mode called My History. These matches require you to overcome specific boxing moments particular to an opponent's style.

Unlike the major console versions, it also includes ranked boxer lists, promotor box office takes, statistics tracking, and cutman and trainer contracts.