Based on the box, this game only accepts VGA/MCGA, EGA and Tandy 1000 graphics.
But what the requirement won't tell, the game also support CGA.
That's right: Might and Magic 3 can play on "beautiful, fantastic, incredible" four color.
Don't just take my word, take a look at these screenshots.
Where the game begins.
Clues can be read on the walls.
The guilds look more darker in 4 color.