We describe the calculation of the three-loop QCD corrections to quark and gluon form factors. The relevant three-loop Feynman diagrams are evaluated and the resulting three-loop Feynman integrals are reduced to a small set of known master integrals by using integration-by-parts relations. Our calculation confirms the recent results by Baikov et al. for the three-loop form factors. In addition, we derive the subleading terms for the fermion-loop type contributions to the three-loop form factors which are required for the extraction of the fermionic contributions to the four-loop quark and gluon collinear anomalous dimensions. The finite parts of the form factors are used to determine the hard matching coefficients for the Drell-Yan process and inclusive Higgs-production in soft-collinear effective theory.