There is a third Lion King movie, if that's what you're asking. But it's not a continuation of The Lion King 2. It's a satirical movie that pokes fun at certain moments in the original story and breaks the fourth dinding a lot.
In most countries it is actually marketed as "The Lion King 3: Hakuna Matata", but in America it's named "The Lion King 1 1/2" and usually comes with the tagline "you haven't seen the half of it".
So in short, yes there is a Lion King 3, but if anda live in the US it has a slightly different name.