It stars Brooke Nevin, David Paetkau, Torrey DeVitto, Ben Easter, and stuntman Don Shanks as the Fisherman.

On July 4, 2005, in the fictional town of Broken Ridge, Colorado, Amber Williams, her boyfriend Colby Patterson and their friends Zoe, Roger, and PJ stage a prank at the town carnival where Roger impersonates the "Fisherman" killer.

Afterward, everyone sees PJ's body impaled on a tractor smokestack instead of mattresses that were supposed to break his fall.

Afterward, they return to Amber's house to find pictures of them from the high school yearbook sliced up and stuck to the wall reading "SOON".

He gets up and is revealed to be the undead Ben Willis, the man who committed the original murders 8 years ago.

In August 2000, it was reported that Columbia Pictures was developing a third I Know What You Did Last Summer film to be written by Simon Barry.

[1] In July 2005, it was reported Sony Pictures was moving forward with the working title I Know What You Did Last Summer 3 with Michael D. Weiss now set to write the film which would follow a group of teenagers who believe they accidentally killed a man only to discover that their would-be victim is now out to kill them.

Scott Weinberg of DVD Talk called it "a 12th-generation knock-off that leeches off a flaccid little concept that was already withered and whiskered the first and second time around".

He described the directing, editing, script, and acting all as predictable and uninteresting, ultimately summarizing the film as "not so much outrageously awful as it is deadly dry and dishwater dull".

[7] Following a prolonged hiatus, a fourth installment of the series was announced,[8] which is set to release on July 18, 2025,[9] and will be a direct sequel to I Still Know What You Did Last Summer.