Background The aim of this study was to determine the distance between the impacted mandibular third molar (IMTM) and the inferior alveolar canal (IAC) at different reference points through panoramic radiographs and cone beam computed tomography (CBCT). Methods A total of 45 male and 45 female patients with bilateral IMTM at a mean age of 27 years were recruited for this study. With the aid of panaromic radiographs and CBCT, the mandible width, the buccal bone width, IAC width, the lingual bone width, IAC height, the alveolar bone height, and the distance from the lowest part of the IMTM to the superior border of the canal were measured. Statistical analysis was done with independent samples t -test and Mann-Whitney U test for finding the difference between genders. Paired t -test and Wilcoxon signed-rank test were used for comparing both sides at P value = 0.05. Results The mandible width, IAC width, and IAC height were different between male and female patients. The IMTM roots displayed intimate contact with the IAC in 96.67% of the cases. The location of the IAC was mostly lingual in both genders. The diameter of the IAC was significant larger in men compared to in the women in terms of width and height. Conclusions This study is useful for the dental surgeon to avoid or prevent postoperative numbness or pain, because the awareness of the common location of the IAC and its approximation with the IMTM roots could allow a more cautious and precise approach during IMTM intervention.