In order to understand the effects of inertia and gravity on draw resonance and on the physical mechanism of draw resonance in three-dimensional Newtonian film casting, a linear stability analysis has been conducted. An eigenvalue problem resulting from the linear stability analysis is formulated and solved as a nonlinear two-point boundary value problem to determine the critical draw ratios. Neutral stability curves are plotted to separate the stable/unstable domain in different appropriate parameter spaces. Both inertia and gravity stabilize the process and the process is more unstable to two- than to three-dimensional disturbances. The effects of inertia and gravity on the physical mechanism of draw resonance have been investigated using the eigenfunctions from the eigenvalue problem. A new approach is introduced in order to evaluate the traveling times of kinematic waves from the perturbed thickness at the take-up, which satisfies the same stability criterion illustrating the general stability of the system.