In June 2015, Keef announced that the album would be released July 3, by FilmOnTV and Greek billionaire Alki David.

[4] While Chief was still signed with Interscope Records, the label's executive, Larry Jackson, announced a June 10, 2014 release date.

[8][9] Regardless, Chief Keef maintained that he would release the album himself, and after confirming his departure from the label, tweeted "One-hundred percent of everything goes to me now.

[14] In July 2014, Chief Keef released a tentative track listing, revealing that Lil B will be featuring on the album.

[16] Fellow Chicago rapper and previous collaborator, Kanye West, was also set to feature on the track "Nobody",[17][18] until that project developed into its own album.

[19] Keef decided to rework the entirety of Bang 3's track list, except for "Superheroes", which appeared on the final album.

The next day, the mixtape was removed from Hot New Hip Hop at the request of Alki David, and was made available through FilmOnTV for purchase.

Bang 3 was met with a generally positive reception, critics argued that it's his most polished work since Finally Rich.

"The higher, clearer production values are most immediately noticeable—this is the crispest-sounding Keef release since 2012's Finally Rich—and its well-ironed-out song structures."

HipHopDX argued, "Bang 3 isn’t precisely a return to Finally Rich form as that version of Sosa may be long gone but, it is the closest he’s gotten in his continuing journey of wide-ranging sonic discovery.

Critics also praised Chief Keef's growth and experimentation with Pitchfork saying, "it's the work of a mature rapper and songwriter, putting the skills he developed over several years spent branching out stylistically to good use".