<?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>S000023373</seriesId>
        <classId>C000068445</classId>
        <classId>C000068444</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 Growth Allocation Portfolio</seriesName>
      <seriesId>S000023373</seriesId>
      <seriesLei>54930042PRE3Y8FI7E86</seriesLei>
      <repPdEnd>2022-12-31</repPdEnd>
      <repPdDate>2022-06-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>273004122.18</totAssets>
      <totLiabs>55514.34</totLiabs>
      <netAssets>272948607.84</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="C000068445" rtn1="-6.78000000" rtn2="0.35000000" rtn3="-7.07000000"/>
          <monthlyTotReturn classId="C000068444" rtn1="-6.79000000" rtn2="0.35000000" rtn3="-7.08000000"/>
        </monthlyTotReturns>
        <othMon1 netRealizedGain="821819.60000000" netUnrealizedAppr="-22382143.39000000"/>
        <othMon2 netRealizedGain="306047.13000000" netUnrealizedAppr="620739.79000000"/>
        <othMon3 netRealizedGain="190915.21000000" netUnrealizedAppr="-20821164.34000000"/>
      </returnInfo>
      <mon1Flow redemption="2999138.61000000" reinvestment="0.00000000" sales="358216.83000000"/>
      <mon2Flow redemption="3562065.22000000" reinvestment="0.00000000" sales="76883.04000000"/>
      <mon3Flow redemption="2725289.88000000" reinvestment="0.00000000" sales="2511382.64000000"/>


    </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>2929498.14800000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23904704.89000000</valUSD>
        <pctVal>8.757950838867</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>1018254.69100000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13776985.97000000</valUSD>
        <pctVal>5.047465190984</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>588326.91700000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5753837.25000000</valUSD>
        <pctVal>2.108029528171</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>1421067.96700000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>30524539.93000000</valUSD>
        <pctVal>11.18325540165</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>900661.02300000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13455875.68000000</valUSD>
        <pctVal>4.929820227508</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>2582126.16700000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>24478556.06000000</valUSD>
        <pctVal>8.968192310527</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>562343.37100000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5465977.57000000</valUSD>
        <pctVal>2.002566568576</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>487726.63600000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13427114.29000000</valUSD>
        <pctVal>4.919282936174</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 Emerging Markets Equity Portfolio</name>
        <lei>0ZF3BKK2HYOQKNENVD39</lei>
        <title>MFS Variable Insurance Trust II - MFS Emerging Markets Equity Portfolio</title>
        <cusip>55274F554</cusip>
        <identifiers>
          <isin value="US55274F5540"/>
        </identifiers>
        <balance>210437.50300000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2748313.79000000</valUSD>
        <pctVal>1.006897896182</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>518672.76000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>29045674.56000000</valUSD>
        <pctVal>10.64144447918</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>879576.82900000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>27337247.85000000</valUSD>
        <pctVal>10.01552932119</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>179917.78300000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>179899.79000000</valUSD>
        <pctVal>0.065909766466</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>1629057.79300000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>24696516.14000000</valUSD>
        <pctVal>9.048046200139</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>1386987.78100000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13745048.91000000</valUSD>
        <pctVal>5.035764431543</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>1181286.95000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14246320.62000000</valUSD>
        <pctVal>5.219415014694</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>2873885.32500000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13823388.41000000</valUSD>
        <pctVal>5.064465622078</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>1241194.81100000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11294872.78000000</valUSD>
        <pctVal>4.138095031655</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>320016.05500000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5088255.27000000</valUSD>
        <pctVal>1.864180700633</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>2022-07-26</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>
