As of early October 2024, Rings of Power has not been renewed for Season 3. However, reports suggest that it will happen. Back in September, THR released a report claiming that a third installment of the Lord of the Rings prequel show was already in the works. The site explained:

Prime Video has been a little tight-lipped about what exactly we can expect from a season 3 of The Rings of Power — but, obviously, with the extent J.R.R. Tolkien wrote about it, we’re not totally in the dark. Here’s everything we know so far about The Rings of Power season 3.

Although there were some big casualties (RIP Adar, King Durin and Celebrimbor) in The Rings of Power season 2, we’re expecting most of the major cast to return for a third season. There will also likely be plenty of new characters joining as well, but in the meantime, this is who we’re expecting back for the next season.