Ninja Gaiden III: The Ancient Ship of Doom received preview coverage in
Electronic Gaming Monthly when it was displayed at the Consumer Software Group trade show in Tokyo on March 24–25, 1991. The magazine said that
Ninja Gaiden III was the best Famicom game in display there, and that it "easily walked away with the best for this system!" The game was also previewed in the July 1991 issue of
Nintendo Power, which said that the game contained all the old features of previous
Ninja Gaiden games, which included ninja arts (however, they lamented at the lack of the "jump and slash" absent from
Ninja Gaiden II: The Dark Sword of Chaos) and similar usage of cinematic cutscenes that made the original
Ninja Gaiden popular. They also particularly praised the new moves Ryu had, as well as an excellent plot.
GamePro magazine previewed the game in August, and said that the game's visuals were good and on par with the previous titles and that the scrolling was great. The game was featured in
Electronic Gaming Monthlys July 1991 issue as an "
EGM Exclusive". They praised the game, saying that "
Ninja Gaiden gets better every time!" It was also one of the featured games in the August issue of
Nintendo Power, where it received 11 pages of coverage, including a full walkthrough of the first four Acts and a brief plot overview of the entire game. It was in this issue where
Ninja Gaiden III was purported to be the final
Ninja Gaiden game by Tecmo. As in their preview, they gave praise to the action, gameplay, elaborate plot, and difficulty. In March 1992,
Ninja Gaiden III received three nominations in the "
Nintendo Power Awards '91" in the following NES-related categories: "Best Graphics and Sound", "Best Challenge", and "Best Overall". It won in the "Best Challenge" category; the magazine commented that "the game-playing public knows a challenging game when they see one!" It placed second in the "Best Graphics and Sound" category, finishing behind
Battletoads for the top spot. It was the ranked as the third "Best Overall" NES title for 1991, finishing close behind
Tecmo Super Bowl. In
Famitsu, four reviewers found it to be a refined and easier playthrough than the previous titles. While two reviewers felt it was too similar to the previous games to freel like a new release, another reviewer felt it was the most refined and easy-to-play of the three games. While reviewer said the graphics during the cutscenes as highlights, they felt they had lost their luster as the series has gone on.
VideoGames & Computer Entertainment praised the game for being better than the
arcade version of Ninja Gaiden that was previously
ported to the Lynx, but was disappointed that Tecmo did not port the first two NES
Ninja Gaiden titles to the handheld as well.
Electronic Gaming Monthly praised Tecmo for a good translation of the game from the NES to the Lynx – complete with good graphics, controls, and varied gameplay – while saying that "
Ninja Gaiden [
III] is a game that the Atari Lynx has been longing for". Despite that, the reviewers noted that the Lynx's small screen made all the sprites too small for most players to see well, and the screen's blurring makes it frustrating for players to track character movements. Retrospectively,
Allgame gave a mostly negative review, saying that the background makes it difficult to see foreground elements, that players cannot see their character or what power-ups they are collecting, and that sound is very poor, saying "thirteen
banshees all wailing different, off-key songs would only begin to approach just how bad the music is". A few modern video gaming websites reviewed
Ninja Gaiden III upon its release for the
Virtual Console in 2008.
Nintendo Lifes Damien McFerran gave lackluster ratings, saying that the game "passed under the radar of many a videogame enthusiast". He added that while the presentation was great, he pointed out flaws in the "silly" plot, the inconsistently laid-out level designs, and frustrating difficulty in addition to the five-continue limit. He said that many gamers would prefer the previous two
Ninja Gaiden titles over this one. ==Soundtrack==