The series follows Morgan's character Tray, a recently released ex-con who has dreams of becoming a chef. Haddish portrays Shay, Tray's ex-girlfriend who is also the mother of his children.
Series regulars Ryan Gaul, Allen Maldonado, Taylor Mosby and Dante Hoagland will also be returning for the third season.
The Last O.G. is co-created and executive produced by filmmaker Jordan Peele. The show ranks as the #1 sitcom on cable, reaching a multi-platform audience of 23 million, TBS said.
"The Last O.G. is very meaningful to me and I am blessed to get to work with my family for another season," Morgan said in a statement. "We are going to go to a whole other level this year. Just wait."
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