In an interview with game's design Tetsu Takayashiki, he was asked why the team chose to develop for the Game Boy Color instead of more powerful hardware. He responded: "After Star Ocean and Star Ocean 2nd Story, it was decided that we would make Star Ocean 3 for the PS2. The question then became how to fill in the gap while we waited for that project to begin. From the beginning, our plans were to make a compact game."
Contributed by ProtoSnake