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"IGN" gave the Virtual Console release a 5 out of 10, saying "Legend has it that SEGA thought the quality of the product was so low, that it would be worthless or, worse, damaging to even publish the game in the States. And whether or not that's actually true, the quality assessment at its heart is on target – because "Golden Axe III" is certainly the worst of its franchise trilogy." Like "Electronic Gaming Monthly", they described the graphics as bland and ugly, and particularly criticized that the gameplay showed no advancement from the first "Golden Axe", even removing some of the advancements seen in "Golden Axe II".