Risen 3: Titan Lords is the direct sequel to Risen 2: Dark Waters, set in a fantasy archipelago inspired by the 18th-century Caribbean with a pirate theme. The game combines elements from the previous two titles, allowing near-complete exploration of the archipelago from the start. Alliances with three factions—Demon Hunters, Voodoo Pirates, and Guardians—play a crucial role, offering a more flexible storyline.

A brave pirate captain sails with Patty, the daughter of the famed Steelbeard, in search of riches and adventure. Despite a haunting dream, they head to Crab Coast and explore an abandoned temple. Suddenly, a ghostly creature appears and kills the captain. Grieving, Patty buries him, but a mysterious man named Bones revives the hero and tells him about ways to restore his humanity and prevent a looming danger.

Combat has been enhanced with new techniques, emphasizing dodging. The player can choose companions to assist in battle. Character progression follows the Risen 2 model, including social skills and an expanded magic system featuring spells and transformations.