Wayne's World jumped straight out of Saturday Night Live and onto the silver screen in 1992 to financial success and critical acclaim, and immediately made its mark on American pop culture with quotable lines and iconic characters. Its success spawned a sequel, Wayne's World 2, just a year later, but a third installment has never materialized. While there are several good reasons that Wayne's World 3 has not been made, there is recent hope that Wayne and Garth might once again party on at the theaters.

https://screenrant.com/why-waynes-world-3-not-happen-sequel/