Ogilvy completed 54 holes at 11-under-par 205. He is one stroke clear of Chris DiMarco and tournament-host Tiger Woods. DiMarco birdied the final three holes to shoot 68, while Woods faltered down the stretch to shoot 70.
Henrik Stenson, who was 3 over par over his last nine holes, struggled to a 1-over 73. He was joined at minus-6 by David Toms (68).
Ogilvy began the round two strokes behind Woods. Ogilvy birdied the first and came back with an 8-foot birdie putt on two to move within one at minus-8.
Woods responded with birdies on one and two to regain a two-shot cushion. Ogilvy sank a 5-foot birdie putt on six and a 10-footer for birdie on seven to join Woods in the lead.
The world's No. 1 player came up short of the seventh green and could not save par. The bogey dropped Woods to minus-9, one behind Ogilvy. Woods came right back with a 10-foot birdie putt on the eighth at Sherwood Country Club.
Ogilvy moved out in front by one with a 5-foot birdie putt at the 10th. However, his third at the par-5 11th spun off the green. He three-putted for bogey from the front fringe to slip back to minus-10.
The Australian two-putted for birdie on 13, his third birdie in three days on the par-5. Woods matched that birdie to regain a share of the top spot on the leaderboard at 11 under.
Ogilvy missed the 15th green right and could not get up and down for par giving Woods the lead.
Woods though would have problems of his own on the 16th. He missed the fairway well left, then after taking a free drop from a cart path, blasted his second over the right side of the green and into a hazard.
The 30-year-old played out of the hazard and into a bunker. From there, Woods blasted out and two-putted for bogey on the par-5.
Woods two-putted for par on 16, before losing his tee shot into the right trees at 18. Woods hit a stellar shot from the trees, but his ball landed in the rough over the green. He saved par from there to finish one back.
Ogilvy parred 16 and 17. At the last, he hit a perfect approach shot to within a foot of the hole. He tapped in for birdie and the third-round lead.
'The first day was a complete mess with a double-bogey and (Friday) I hit a pretty poor shot and two-putted for par. So I got one back today,' Ogilvy said of the 18th hole. 'I don't care who I play with Sunday. With Tiger, it will be a bit more crazy and fun, but with Chris it'll be a bit more relaxed.'
DiMarco was 1 under through 12 holes with two bogeys and three birdies to that point in his round. He parred three straight from the 13th, before flying up the leaderboard.
The 38-year-old sank a 5-footer for birdie on 16, then drained a long birdie putt at 17 to move to minus-9. DiMarco closed with a 6-foot birdie putt at 18 to end within one of Ogilvy.
'Out here, when it's raining, you're just trying to miss it in the right spots and I was able to do that,' DiMarco said of the rain that came down early in the round. 'I knew where I could chip from and give myself good putts. I really putted well from eight feet and in today and that's the key around here.'
Stenson had grabbed a piece of the lead with a birdie on No. 11. However, he was 4 over through the final six holes, due in large part to two double-bogeys, to fall four back.
Michael Campbell, the 2005 U.S. Open winner, posted a 4-under 68 to move into seventh place at 5-under-par 211. Padraig Harrington, the 2002 champ here, is one stroke further back at minus-4 after a third-round 70.