[3] In 1959 Third Lake was incorporated as a village in order to avoid pollution and halt development.

[4] Third Lake became the North American headquarters for the Serbian Orthodox Eparchy of New Gračanica and Midwestern America in 1977.

9.3% of all households were made up of individuals, and 2.3% had someone living alone who was 65 years of age or older.

Third Lake has the headquarters of the Serbian Orthodox Diocese of New Gracanica – Midwestern America.

Built on land that the Most Holy Mother of God Serbian Association purchased in 1977, New Gračanica Church and the main building on its grounds dedicated to the feast of the "Protection of the Most Holy Mother of God" were completed and consecrated in 1984.

New Gračanica is richly attired with detail such as hand-carved wooden entrance doors depicting 23 monasteries and churches from various regions of Serbia.

Pace provides bus service on Routes 565, 572, and 574 connecting Third Lake to Grayslake, Waukegan, and other destinations.