We Are Not Angels III is a Serbian film. In 1973 during a Youth Work Action, budding musician Borko Pavić (Nikola Pejaković) is disappointed to find out that the majority of his fellow young workers prefer to dance kolo to folkish harmonica sounds rather than listening to him play his acoustic guitar. Heartbroken and depressed he confides in his best friend that he read that in America the young people make the devil appear by playing the music backwards who then makes them rich and famous. He becomes the mega popular rock'n'roll superstar Dorijan. Cut to 30+ years later Dorijan is still a debauched, coke-snorting, and alcoholic superstar, except that he's now playing turbo folk instead of rock'n'roll. He lives with a silicone trophy girlfriend Smokvica and his best friend from childhood is his business manager. Despite still having his women, fame, and fortune, Dorijan is unhappy about having to resort to playing a musical style he hates in order to have all that.

The story takes place in 1993 Serbia, torn by hyperinflation and economic disaster. Milan, an avid fan of FC Partizan, lives with his friend, a painter, and makes money by selling his paintings to the "new elite". He meets a nice girl who works a phone sex hot line and the two eventually fall in love. An another friend so his is a treasury guard in a bank governed by a shady lady known as "Serbian mother", notorious for cheating the thousands of creditors. The couple is planning to rob the bank and run away to a remote sunny island with palms.

Nemanja leads a normal life with a steady job and a fiancée, until he is waylaid by a sudden downpour in a seedy hotel called The Wheel. The hotel is populated by seemingly upstanding citizens, until Nemanya is accused of being the notorious Laughing Monster, a serial killer who has been terrorizing the neighborhood.

Igor Gordić was an Olympic champion in shooting, but now he is a junky without money and in debts to mafia. Saša is his younger brother and he is getting ready for the next World Championship. Since he's not getting enough terms to practice indoors, he has decided to go out and find himself a target to practice on.