Improving from Thursday’s performance, Ferrari driver Sebastian Vettel finished the session in P1 after he managed to put in faster times than Mercedes and Red Bull with a 1:14.650.
Silver Arrow duo Nico Rosberg and Lewis Hamilton desperately tried to put in quicker times than the four-time World Champion, but ultimately failed as they concluded the session in second and third respectively.
Continuing their impressive FP1 and FP2 form, Red Bull duo Daniel Ricciardo and Max Verstappen finished the third practice session in P4 and P5 receptively, with the Australian dominating most of the session.
Adding to the incident-filled Monaco, Verstappen locked up and scraped the barrier during his second stint on new Ultras. He did however return to the track with a minute left on the clock.
Toro Rosso drivers Carlos Sainz and Daniil Kvyat again impressed with their Ferrari-powered cars as they managed to stay in the top eight and placed P6 and P7 respectively.
Arguably the most surprising development of the day was Force India driver Sergio Perez, who managed to lap quicker than Kimi Raikkonen, who placed in a disappointing ninth.
McLaren duo Jenson Button and Fernando Alonso practiced on Supersofts for most of the session as they both plan on using their Ultra compound during the qualifiers.
Renault driver Jolyon Palmer continued his torrid weekend as he hit the curb and went spinning in sector 3. Luckily he recovered with only minor damage to his car.
1. Sebastian Vettel Ferrari Ferrari SF16-H 1:14.650
2. Lewis Hamilton Mercedes Mercedes F1 W07 Hybrid 1:14.668 +0.018
3. Nico Rosberg Mercedes Mercedes F1 W07 Hybrid 1:14.772 0.122
4. Daniel Ricciardo Red Bull Racing Red Bull RB12 1:14.807 0.157
5. Max Verstappen Red Bull Racing Red Bull RB12 1:15.081 0.431
6. Daniil Kvyat Toro Rosso Toro Rosso STR11 1:15.259 0.609
7. Carlos Sainz Jr. Toro Rosso Toro Rosso STR11 1:15.324 0.674
8. Sergio Perez Force India Force India VJM09 1:15.368 0.718
9. Kimi Raikkonen Ferrari Ferrari SF16-H 1:15.555 0.905
10. Nico Hulkenberg Force India Force India VJM09 1:15.666 1.016
11. Felipe Massa Williams Williams FW38 1:16.068 1.418
12. Fernando Alonso McLaren McLaren MP4-31 1:16.257 1.607
13. Jenson Button McLaren McLaren MP4-31 1:16.298 1.648
14. Valtteri Bottas Williams Williams FW38 1:16.347 1.697
15. Esteban Gutierrez Haas F1 Team Haas VF-16 1:16.406 1.756
16. Kevin Magnussen Renault F1 Team Renault R.S.16 1:16.412 1.762
17. Romain Grosjean Haas F1 Team Haas VF-16 1:16.527 1.877
18. Felipe Nasr Sauber Sauber C35 1:16.867 2.217
19. Marcus Ericsson Sauber Sauber C35 1:17.038 2.388
20. Jolyon Palmer Renault F1 Team Renault R.S.16 1:17.482 2.832
21. Pascal Wehrlein Manor Racing Manor MRT05 1:17.595 2.945
22. Rio Haryanto Manor Racing Manor MRT05 1:18.180 3.530