The group are understood to have taken a mixture of tramadol, codeine, vodka and Indian hemp during the orgy at Sunshine Lodge in Imo, Nigeria.
Two of the men, students named as Ugochukwu Kingsley and Aka Uche, were found dead inside the hostel room on Tuesday.
The third man, who has been named locally only as Richard, was taken to hospital in a critical condition and has since died.
The woman is currently in a stable condition at the Federal Medical Centre in Owerri.
Reports claim all four of the group were found naked and one was had a piece of soap in his hand.
The room was covered with bottles of codeine, packets of painkiller tramadol, India hemp and vodka and other drugs.
The state commissioner of police Rabiu Ladodo said: “I can confirm that a third student is dead.
“He died in the hospital where he was admitted. His death has increased to three the number of persons who died from the incident.
“The girl among them is alive and I learnt that her condition is stable.”
A police spokesperson said earlier: “On April 2, information was received from the caretaker of the Sunshine Lodge in Ihiagwa, Owerri, that the students of the Federal University of Technology Ugochukwa Kingsley were engaged in a sex romp with another student at the same university.
“Police detectives from the Nekede Division rushed to the scene and found the four victims completely naked and unconscious.
“Officers recovered substances suspected to be Indian hemp and tramadol at the scene.”