Anisotropic Bianchi-III cosmological model is investigated with variable gravitational and cosmological constants in the framework of Einstein's general relativity. The shear scalar is considered to be proportional to the expansion scalar. The dynamics of the anisotropic universe with variable ܩ and Λ are discussed. Without assuming any specific forms for Λ and the metric potentials, we have tried to extract the time variation of ܩ and Λ from the anisotropic model. The extracted ܩ and Λ are in conformity with the present day observations. Basing upon the observational limits, the behavior and range of the effective equation of state parameter are discussed.