The RBS-15 Mk3 is a long range, sea-skimming, fire and forget, anti-ship missile for use from aircraft, ships and ground vehicles.

It features a tactical flexibility trajectory with a large number of waypoints and altitudes to hide the launching location increasing the survivability of the launching platform. It is suitable for blue sea operations and littoral warfare. The missile has two lateral boosters for extended range, without the booster the RBS-15 only weighs 630 kg.

The RBS15 guidance system consists of a GPS/INS and radar altimeter navigation system and a terminal phase active radar seeker. The RBS-15 missiles are countermeasures resistant and several of them can be programmed to reach the target area simultaneously from different directions to better penetrate the ship's air defences.

The RBS-15 Mk3 is the latest most advanced version of the RBS-15 anti-ship missile in service within the Swedish armed forces.

On 22 September 2005, German Federal Procurement Agency (BWB) along with Saab and Dhiel BGT Defence signed a procurement contract for the RBS15 Mk3 missile to equip German Navy's K130-class corvettes. The co-operation agreement was valued at SEK350 million approx. $53 million to Saab Bofors Dynamics. Dhiel was set to work around development, production and marketing of the RBS15 missile.

On 6 October 2006, Saab Bofors Dynamics and the Polish companies MESKO and BUMAR on behalf of its Ministry of Defence signed the 110 million Euro procurement contract for the RBS-15 Mk3 missiles to be integrated into the upgrade ORKAN-class corvettes.