Fourteen teams participated in the 1992–93 Cypriot Third Division.
The team with the most points at the end of the season crowned champions.
The first two teams were promoted to 1993–94 Cypriot Second Division.
The last three teams were relegated to the 1993–94 Cypriot Fourth Division.
The 3rd-placed team faced the 12th-placed team of the 1993–94 Cypriot Second Division, in a two-legged relegation play-off for one spot in the 1993–94 Cypriot Second Division.