The ICE 3 is, together with the ICE T, the first in the ICE range that doesn't have separate power cars, but all traction equipment is distributed along the train. This layout was chosen because the envisaged speeds of more than 300 km/h (186 mph) required a maximum axle load of 17 tonnes, what could not be realized with the weight of the power cars. So half of the eight cars of each train has four traction motors with 500 kW each, what makes a total power of 8,000 kW or 10,728 hp. It was jointly developed and built by Siemens and Adtranz/Bombardier.

The exterior design is similar to that of the tilting ICE T that was developed only a short time earlier, but the ICE 3 has more pointed fronts. The basic variant is the class 403 that can only be operated under 15,000 V AC. This must not be confused for the class 403 from the seventies. The class 406, called ICE 3M, is also equipped for 1,500 and 3,000 V DC for use in Belgium and the Netherlands. Some were modified to class 406F, which can also operate in France under 25,000 V AC. Another new feature of the ICE 3 was the eddy current brake that slows down the train by inducing a current between an electromagnet and the rails.

In 2005, production of 50 sets of class 403 and 17 sets of class 406 had been completed. They have a design speed of 330 km/h, but are only allowed to run at 300 km/h in Germany. In France, approval was granted for 320 km/h. On DC lines, they are technically limited to 220 km/h. In 2008, a train derailed due to a broken axle. After imposing reduced maintenance intervals and frequent ultrasonic checks, it took until 2019 for all axles to be replaced with new ones made from another alloy. After 2009, the ICE 3 fleet was complemented by the class 407 (Velaro D) and class 408 (Velaro MS), both built exclusively by Siemens. In public, these are known as ICE 3 MS and ICE 3 neo.