This paper is the third part of the present study on two-phase mini-thermosyphon cooling systems. As mentioned in the first two parts, gravity-driven cooling systems using microchannel flow boiling are a very promising long-term viable solution for electronics cooling and more specifically for datacenter servers. Indeed, the enhancement of thermal performance and the drastic reduction of power consumption together with the possibility of energy reuse and the inherent passive nature of the system offer a wide range of solutions to thermal designers. In order to design this new type of cooling system, a new novel simulation code specifically developed for this purpose is required. While Part 2 dealt with a steady-state simulation code, the present Part 3 considers the dynamic nature of the system. The dynamic simulator is a set of connected partial differential equations (temporal and spatial) solved for the four components of the thermosyphon, meaning for the micro-evaporator, riser, condenser and downcomer. Thermal inertia of the electronic package and role of a liquid accumulator are also accounted for. Predicted steady states obtained for 6 different heat fluxes (from 15.2 to 33.1 W/cm(2)) are compared to experimental results obtained with the test loop presented in Part 1 in terms of chip temperature and system pressure. Mean errors of 2.9 and 3.1% are respectively found and good performances of the heat transfer prediction methods used in the simulator are emphasized. Additionally, the dynamic response to a heat load disturbance is compared with experimental results in terms of chip temperature. Two variations with different time constants are both observed experimentally and predicted numerically. Finally, the predicted mass flow rate variations are discussed.