The fourth installment of Squid Game Season 3 kicks off with Gi-hun confrontationally addressing Player 96, who contends that they can terminate the game in the forthcoming voting round. However, Gi-hun steadfastly declines to assist in eliminating fellow players. Subsequently, Player 100, who is hot on the heels of victory, The fourth installment of Squid Game Season 3 kicks off with Gi-hun confrontationally addressing Player 96, who contends that they can terminate the game in the forthcoming voting round. However, Gi-hun steadily declines to assist in eliminating fellow players. Subsequently, Player 100, who is hot on the heels of victory, attempts to broker a deal with Player 96. In the meantime, Player 203 brutally eliminates a participant who dares to retreat. Gi-hun eventually coerces 96 into action, prompting a string of player victories. Jun-hee strives to hone her skills but finds herself incapable of even a single jump. Myung-gi steps forward to lend a hand, only to be confronted by Jun-hee regarding Hyun-ju's tragic demise. Repelled by his actions, she warns him to steer clear of her child and he reluctantly concedes, realizing he cannot carry her and compete simultaneously.
As players approach the finish line, 96 launches a surprise attack, only to be repelled by Gi-hun's swift intervention. Others swiftly cross the line, including Myung-gi and a stoned Min-su. Despite his desire to return for Jun-hee, time runs out for Gi-hun. She entrusts him with the care of her child and plunges to her death, a heart-wrenching sacrifice.
Elsewhere, No-eul and Player 246 are assigned perimeter duty and set sail. Aboard the boat, No-eul receives a chilling call from the Officer, who threatens 246's daughter's life. Compelled by this ultimatum, No-eul returns to the island, informing 246 of the danger and urging him to alert authorities upon reaching safety. She sneaks back through a ventilation shaft, but her benevolent act draws the Officer's wrath, ordering his men to terminate both their lives.
Meanwhile, the VIPs deliberate over the fate of the infant, with the Frontman persuasively arguing for the child to participate in Jun-hee's stead. Consequently, the player count shifts from eight to nine, much to the dismay of most participants who foresee a diminishing prize pool. Amidst growing tension, Gi-hun shields the child while Myung-gi ponders a course of action, only to be halted by guards enforcing a new edict: no further violence amongst players.
On the boat, mercenaries scrutinize neighboring islands, reasoning that Jun-ho's oxygen tank hints at the proximity of the main island. Seeking Captain Park's insight, Jun-ho considers his options, ultimately crossing out one sector and focusing on islands located at the opposite end, deepening the mystery of their quest.
Woo-seok is apprehended shortly after a nearby resident alerts authorities to the sound of gunshots. Despite his incessant ramblings about games, the police remain unconvinced. As a mere gesture of indulgence, they investigate Captain Park and uncover a solitary charge of illegal gambling dating back a decade. Could he possibly be a former victor of the Squid Game from ten years ago?
Another officer phones Park to apprise him of the breach. Woo-seok's panic escalates as the cop divulges the allegations of a deadly game to Park as well. Upon hanging up, Park informs the captain of the second vessel that their operation has been exposed, instructing him to eliminate everyone aboard.
Woo-seok, clutching his phone, dashes out to contact Jun-ho. He hastily conveys the revelation that Captain Park was once a guard in the Squid Game, just as the police apprehend him. Concurrently, Park initiates a slaughter of the mercenaries. Jun-ho retaliates with a fishing rod, demanding answers. Park confesses that he was ordered to safeguard Jun-ho at any cost, his dying words echoing a playful enjoyment of their past encounters, suggesting he was indeed a past champion.
Inside the bunker, the contestants partake in an opulent final dinner. The VIPs fret that the players might vote to terminate the game prematurely. However, the Frontman has a clever maneuver up his sleeve. Prior to the subsequent vote, a clue for the final game is revealed: the players must reach a consensus and eliminate at least three participants. The survivors will be declared winners. Voting commences, with nearly everyone, including Myung-gi, voting in favor, much to Gi-hun's dismay. Min-su, grappling with withdrawal, votes against, but it proves inconsequential.
Aboard the boat, only one mercenary remains alive. He contemplates surrender, puzzled by Jun-ho's relentless pursuit. Jun-ho convinces him by sharing his mission to save his brother. They resolve to search the area marked off by Captain Park. Regrettably, Boat 2's captain informs the Frontman of Park's failure.
Inside the bunker, the Blue Team forges a pact to eliminate Gi-hun, the infant, and Min-su. Myung-gi joins the pact indifferently. As they slumber, Gi-hun is escorted to meet the Frontman, who hands him a knife, tasking him with annihilating everyone under the cover of night. Skeptical of the Frontman's intentions, Gi-hun is startled when the Frontman removes his mask.
Horrified, Gi-hun attempts to slay In-ho, who remains unperturbed, revealing his expendability. He also expresses remorse for Jung-bae's demise. With In-ho on his side, they can rescue the baby. As there would only be two players left, the game cannot proceed. He insists that Gi-hun is merely defending himself and the baby against those who wish them harm. He concludes by asking if Gi-hun still harbors faith in humanity, as Squid Game Season 3 Episode 4 draws to a cliffhanger.
