This book constitutes the refereed proceedings of the Third International Workshop on Algorithms and Models for the Web-Graph, WAW 2004, held in Rome, Italy in October 2004. The 14 revised full papers presented together with an invited paper were carefully reviewed and selected from 31 submissions. The papers address a variety of topics related to the study of the Web-graph including random graphs, local network flow, network models, traffic driven Web-graph modeling, embedded communities, Web data mining, personalization, page tank computation, hierarchical information networks, Web crawling, community detection, and network communities.