<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.sec.gov/edgar/nport eis_NPORT_Filer.xsd">
  <headerData>
    <submissionType>NPORT-P</submissionType>
    <isConfidential>false</isConfidential>
    <filerInfo>

      <filer>
        <issuerCredentials>
          <cik>0001065698</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>


      <seriesClassInfo>
        <seriesId>S000023372</seriesId>
        <classId>C000068443</classId>
        <classId>C000068442</classId>
      </seriesClassInfo>


    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>MFS VARIABLE INSURANCE TRUST III</regName>
      <regFileNumber>811-08879</regFileNumber>
      <regCik>0001065698</regCik>
      <regLei>549300QPPZUNGK3D0K61</regLei>
      <regStreet1>111 HUNTINGTON AVENUE</regStreet1>
      <regCity>BOSTON</regCity>
      <regStateConditional regCountry="US" regState="US-MA"/>
      <regZipOrPostalCode>02199</regZipOrPostalCode>
      <regPhone>617-954-5000</regPhone>
      <seriesName>MFS Moderate Allocation Portfolio</seriesName>
      <seriesId>S000023372</seriesId>
      <seriesLei>549300YNZ1ETI5J97D47</seriesLei>
      <repPdEnd>2021-12-31</repPdEnd>
      <repPdDate>2021-12-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>1366641272.11</totAssets>
      <totLiabs>171987.81</totLiabs>
      <netAssets>1366469284.30</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.00000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.00000000</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.00000000</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0.00000000</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0.00000000</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0.00000000</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0.00000000</amtPayAftOneYrOther>
      <delayDeliv>0.00000000</delayDeliv>
      <standByCommit>0.00000000</standByCommit>
      <liquidPref>0.00000000</liquidPref>
      <cshNotRptdInCorD>0.00000000</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000068443" rtn1="3.31000000" rtn2="-1.46000000" rtn3="2.41000000"/>
          <monthlyTotReturn classId="C000068442" rtn1="3.31000000" rtn2="-1.46000000" rtn3="2.48000000"/>
        </monthlyTotReturns>
        <othMon1 netRealizedGain="871786.88000000" netUnrealizedAppr="43637017.71000000"/>
        <othMon2 netRealizedGain="2124043.63000000" netUnrealizedAppr="-21999263.69000000"/>
        <othMon3 netRealizedGain="2734670.89000000" netUnrealizedAppr="30510155.31000000"/>
      </returnInfo>
      <mon1Flow redemption="15751192.33000000" reinvestment="0.00000000" sales="631866.57000000"/>
      <mon2Flow redemption="16574604.34000000" reinvestment="0.00000000" sales="714995.31000000"/>
      <mon3Flow redemption="16754699.17000000" reinvestment="0.00000000" sales="299738.62000000"/>


    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>MFS VIT Mid Cap Growth Series</name>
        <lei>DQS0BFT7TBCF2MYV2M94</lei>
        <title>MFS VIT Mid Cap Growth Series</title>
        <cusip>55273F670</cusip>
        <identifiers>
          <isin value="US55273F6705"/>
        </identifiers>
        <balance>8223974.83400000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>96384985.05000000</valUSD>
        <pctVal>7.053578602710</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MFS Variable Insurance Trust II - MFS International Growth Portfolio</name>
        <lei>8UVRTCWHDB4PB6VBAF77</lei>
        <title>MFS Variable Insurance Trust II - MFS International Growth Portfolio</title>
        <cusip>55274F463</cusip>
        <identifiers>
          <isin value="US55274F4634"/>
        </identifiers>
        <balance>2458790.37800000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>41258502.54000000</valUSD>
        <pctVal>3.019350893140</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MFS VIT III Limited Maturity Portfolio</name>
        <lei>549300278SPJGR06E765</lei>
        <title>MFS VIT III Limited Maturity Portfolio</title>
        <cusip>86664T540</cusip>
        <identifiers>
          <isin value="US86664T5406"/>
        </identifiers>
        <balance>5302158.98900000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>54135043.28000000</valUSD>
        <pctVal>3.961672896857</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MFS Variable Insurance Trust - MFS Value Series</name>
        <lei>36LLVSYF4DQZKJ4FYT68</lei>
        <title>MFS Variable Insurance Trust - MFS Value Series</title>
        <cusip>55273F654</cusip>
        <identifiers>
          <isin value="US55273F6549"/>
        </identifiers>
        <balance>5032664.66200000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>124407470.44000000</valUSD>
        <pctVal>9.104300540771</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MFS VIT III Global Real Estate Portfolio</name>
        <lei>549300YBJ6K5SOLBY732</lei>
        <title>MFS VIT III Global Real Estate Portfolio</title>
        <cusip>86664T300</cusip>
        <identifiers>
          <isin value="US86664T3005"/>
        </identifiers>
        <balance>2191120.59600000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>42091426.65000000</valUSD>
        <pctVal>3.080305363143</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MFS Variable Insurance Trust II - MFS Government Securities Portfolio</name>
        <lei>TC07MNDC26S0HMWGJ177</lei>
        <title>MFS Variable Insurance Trust II - MFS Government Securities Portfolio</title>
        <cusip>55274F489</cusip>
        <identifiers>
          <isin value="US55274F4899"/>
        </identifiers>
        <balance>10935502.14100000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>134944096.42000000</valUSD>
        <pctVal>9.875384538125</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MFS VIT III Mid Cap Value Portfolio</name>
        <lei>549300DTS6NIQDMEIL78</lei>
        <title>MFS VIT III Mid Cap Value Portfolio</title>
        <cusip>86664T532</cusip>
        <identifiers>
          <isin value="US86664T5323"/>
        </identifiers>
        <balance>8765803.14500000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>97212756.88000000</valUSD>
        <pctVal>7.114156022160</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MFS VIT III New Discovery Value Portfolio</name>
        <lei>549300X8U0YDKOFKNA72</lei>
        <title>MFS VIT III New Discovery Value Portfolio</title>
        <cusip>86664T441</cusip>
        <identifiers>
          <isin value="US86664T4417"/>
        </identifiers>
        <balance>1814894.03700000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20689792.02000000</valUSD>
        <pctVal>1.514105897418</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MFS VIT II - International Intrinsic Value Portfolio</name>
        <lei>N/A</lei>
        <title>MFS VIT II - International Intrinsic Value Portfolio</title>
        <cusip>55274F455</cusip>
        <identifiers>
          <isin value="US55274F4550"/>
        </identifiers>
        <balance>1095023.10500000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>41194769.21000000</valUSD>
        <pctVal>3.014686805133</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MFS Growth Series</name>
        <lei>IVAD1C1VZOLTR3W5MQ64</lei>
        <title>MFS Growth Series</title>
        <cusip>55273F100</cusip>
        <identifiers>
          <isin value="US55273F1003"/>
        </identifiers>
        <balance>1546330.73700000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>122716807.29000000</valUSD>
        <pctVal>8.980575611903</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MFS Variable Insurance Trust - Research Series</name>
        <lei>7AZFU5SPWYPK4FGVLU76</lei>
        <title>MFS Variable Insurance Trust - Research Series</title>
        <cusip>55273F308</cusip>
        <identifiers>
          <isin value="US55273F3082"/>
        </identifiers>
        <balance>2852922.98000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>110094297.80000000</valUSD>
        <pctVal>8.056843945555</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MFS Institutional Money Market Portfolio</name>
        <lei>5L2W638H85N8T1136O07</lei>
        <title>MFS Institutional Money Market Portfolio</title>
        <cusip>55291X109</cusip>
        <identifiers>
          <isin value="US55291X1090"/>
        </identifiers>
        <balance>1500896.61400000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1500896.61000000</valUSD>
        <pctVal>0.109837566584</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MFS Variable Insurance Trust II - MFS Research International Portfolio</name>
        <lei>X2VCGKUPS3KBELF38X91</lei>
        <title>MFS Variable Insurance Trust II - MFS Research International Portfolio</title>
        <cusip>55274F356</cusip>
        <identifiers>
          <isin value="US55274F3560"/>
        </identifiers>
        <balance>5025596.60100000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>96139662.98000000</valUSD>
        <pctVal>7.035625614464</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MFS VIT III Inflation Adjusted Bond Portfolio</name>
        <lei>5493008RHGZT7FZTCC74</lei>
        <title>MFS VIT III Inflation Adjusted Bond Portfolio</title>
        <cusip>86664T359</cusip>
        <identifiers>
          <isin value="US86664T3591"/>
        </identifiers>
        <balance>5668576.36300000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>67626116.01000000</valUSD>
        <pctVal>4.948967151108</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MFS Total Return Bond Series</name>
        <lei>OBXD0C7FWK5N6XF1PG71</lei>
        <title>MFS Total Return Bond Series</title>
        <cusip>55273F878</cusip>
        <identifiers>
          <isin value="US55273F8784"/>
        </identifiers>
        <balance>11912290.32500000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>162364517.13000000</valUSD>
        <pctVal>11.88204659961</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MFS High Yield Portfolio</name>
        <lei>ZJO44YL9IRHSPRALW090</lei>
        <title>MFS High Yield Portfolio</title>
        <cusip>55274F471</cusip>
        <identifiers>
          <isin value="US55274F4717"/>
        </identifiers>
        <balance>12197697.60300000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>68185129.60000000</valUSD>
        <pctVal>4.989876492901</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MFS Variable Insurance Trust II - MFS Global Governments Portfolio</name>
        <lei>6UIE5ULN0F0W22N47U94</lei>
        <title>MFS Variable Insurance Trust II - MFS Global Governments Portfolio</title>
        <cusip>55274F539</cusip>
        <identifiers>
          <isin value="US55274F5391"/>
        </identifiers>
        <balance>6311690.49900000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>66714568.57000000</valUSD>
        <pctVal>4.882258923527</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MFS New Discovery Series</name>
        <lei>UL64BH8MFVUS63PN5829</lei>
        <title>MFS New Discovery Series</title>
        <cusip>55273F845</cusip>
        <identifiers>
          <isin value="US55273F8453"/>
        </identifiers>
        <balance>811094.34900000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18898498.33000000</valUSD>
        <pctVal>1.383016694713</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2022-01-28</ncom:dateSigned>
      <ncom:nameOfApplicant>MFS VARIABLE INSURANCE TRUST III</ncom:nameOfApplicant>
      <ncom:signature>Kasey Phillips</ncom:signature>
      <ncom:signerName>Kasey Phillips</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
