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This was the last film of the series to be released theatrically. Home Alone 4: Taking Back the House (2002), Home Alone: The Holiday Heist (2012) and Home Sweet Home Alone (2021) were all direct-to-video movies (exclusively on Disney Plus in the case of the last film).
Macaulay Culkin refused to do this film, simply because he'd grown tired of the role, and felt that there was nothing else he could've done with it.
A rare positive review came from Chicago film critic Roger Ebert, who called it the best of all the Home Alone films, and that it was far better than the first one. It was also the only Home Alone movie he liked, since he gave the first two negative reviews. Gene Siskel nearly fell off his chair in disbelief at this remark. Ebert's review appears on the front cover of the VHS and DVD releases of this movie.
Originally, it was planned to film Home Alone 2: Lost in New York (1992) and Home Alone 3 back-to-back.
Scarlett Johansson revealed in a 2021 interview with People Magazine that she introduced the film to her then ten year old daughter Rose Dorothy during a day of watching 90's movies to see if she would recognize her then-eleven year old mother, which she initially didn't.