The 2012 AT&T Pebble Beach National Pro-Am saw the leaders finally tee off, but Charlie Wi's lead has already been reduced by a couple of strokes. Wi started the day at 15-under before a double-bogey on the par-4 Hole 1 dropped him to 13-under. Ken Duke and Tiger Woods remain one and two strokes behind, respectively.
Denver's Shane Bertsch appeared to have recovered from a double-bogey on Hole 3 by making birdie on two of the next three holes. He returned to the 6-under he started the day at, but back-to-back bogeys on Holes 7 and 8 left him off no better than when he was finished on Hole 3. It got worse he made this third straight bogey to close out the front nine, shooting 39 for the first half of his day. He is now tied for 36th place.
| Pos. | Golfer | Total | Round | Day 1 | Day 2 | Day 3 | Strokes |
| 1 | Charlie Wi (PB) | -13 | 2 | 61 | 69 | 69 | 199 |
| 2 | Ken Duke (PB) | -12 | E | 64 | 73 | 65 | 202 |
| T3 | Ryan Moore (PB) | -11 | -4 | 72 | 64 | 71 | 207 |
| T3 | Tiger Woods (PB) | -11 | E | 68 | 68 | 67 | 203 |
| T5 | Jimmy Walker (PB) | -10 | -4 | 69 | 68 | 71 | 208 |
| T5 | Greg Owen (PB) | -10 | -3 | 68 | 67 | 72 | 207 |
| T5 | Kevin Streelman (PB) | -10 | -3 | 70 | 69 | 68 | 207 |
| T5 | Aaron Baddeley (PB) | -10 | -3 | 66 | 72 | 69 | 207 |
| T5 | Kevin Na (PB) | -10 | -1 | 66 | 69 | 70 | 205 |
| T5 | Phil Mickelson (PB) | -10 | -1 | 70 | 65 | 70 | 205 |
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