Launched in 1961, with a launch price of $285, the 1960s EB3 was very popular with the British bands of the late 1960s; Jack Bruce (Cream), Andy Fraser (Free), Bill Wyman (Rolling Stones), Trevor Bolder (David Bowie), Glen Cornick (Jethro Tull), and Chris White (Zombies) all used the EB3 as did many others in the seventies. Today it still used by bassists such as Jared Followill (Kings of Leon), Mike Watt (Iggy and the Stooges). Almost 15000 basses were shipped before the model was discontinued in 1979, although sales figures for the years 1969-1973 far outstrip the years before or after.

The EB3 bass differed from the EB0 in having two pick-ups-the same Humbucker at the neck plus a smaller pick-up at the bridge and came with a varitone switch for four distinct tones - including an incredibly bassy choked neck-pickup sound, often referred to as 'mud' by EB3 fans and detractors alike.

The EB3 had a solid mahogany body, 30½ inch scale, mahogany  one-piece neck with rosewood fingerboard (1961-71). 1971 saw the launch of a longer necked version, the EB3L.

By late 1971, the series was redesigned again, but more drastically this time. Necks became maple, the main pickup was moved from the neck to mid-body and circuits redesigned, largely to obtain a brighter tone. The 1960s EB3 was a small bass, being only 30½ inches scale and weighing a mere 3.7 kg compared to 4.6 kg of a 1970s EB3.