We present new full-sky temperature maps in five frequency bands from 23 to 94 GHz, based on the first three years of the WMAP sky survey. The new maps, which are consistent with the first-year maps and more sensitive, incorporate improvements in data processing made possible by the additional years of data and by a more complete analysis of the polarization signal. These include refinements in the gain calibration and beam response models. We employ two forms of multi-frequency analysis to separate astrophysical foreground signals from the CMB, each of which improves on our first-year analyses. First, we form an improved Internal Linear Combination map, based solely on WMAP data, by adding a bias correction step and by quantifying residual uncertainties in the resulting map. Second, we fit and subtract new spatial templates that trace Galactic emission; in particular, we now use low-frequency WMAP data to trace synchrotron emission. The WMAP point source catalog is updated to include 115 new sources. We derive the angular power spectrum of the temperature anisotropy using a hybrid approach that combines a maximum likelihood estimate at low l (large angular scales) with a quadratic cross-power estimate for l>30. Our best estimate of the CMB power spectrum is derived by averaging cross-power spectra from 153 statistically independent channel pairs. The combined spectrum is cosmic variance limited to l=400, and the signal-to-noise ratio per l-mode exceeds unity up to l=850. The first two acoustic peaks are seen at l=220.8 +- 0.7 and l=530.9 +- 3.8, respectively, while the first two troughs are seen at l=412.4 +- 1.9 and l=675.1 +- 11.1, respectively. The rise to the third peak is unambiguous; when the WMAP data are combined with higher resolution CMB measurements, the existence of a third acoustic peak is well established.