In this paper we study one-dimensional three-phase flow of immiscible, incompressible fluids through porous media. The model uses the common multiphase flow extension of Darcy's equation, and does not include gravity and capillarity effects. Under these conditions, the mathematical problem reduces to a 2 × 2 system of conservation laws, whose essential features are: (1) the system is strictly hyperbolic; (2) both characteristic fields are nongenuinely nonlinear, with single, connected inflection loci. We argue that these are necessary properties for the solution to be physically sensible, and show they are natural extensions of the two-phase flow model. We present the complete analytical solution to the Riemann problem (constant initial and 1 R. Juanes and T. W. Patzek: Analytical solution to the Riemann problem . . . 2 injected states) in detail, and describe the characteristic waves that may arise, concluding that only 9 combinations of rarefactions, shocks and rarefaction-shocks are possible. We demonstrate that assuming the saturation paths of the solution are straight lines may result in very inaccurate predictions for some realistic systems. Efficient algorithms for computing the exact solution are also given, making the analytical developments presented here readily applicable to the interpretation of lab displacement experiments, and to the implementation in streamline simulators.