In this paper, an optimal distributed guidance law is proposed for cooperatively intercepting a manoeuvering target in three dimensional (3D) framework. Based on the 3D kinematic model of interceptors and the target, the kinematic engagement equations in line‐of‐sight (LOS) coordinate can be obtained. Along the LOS direction, a finite‐time consensus based on directed communication topology is applied to guarantee arrival‐time coordination of multiple interceptors, and sliding mode control is adopted to compensate target manoeuver. In the plane perpendicular to LOS, optimal control is used to design guidance law such that closed‐loop LOS angular rates converge to a tunable small neighbourhood of zero. The proposed cooperative guidance law is proved in theory, and its effectiveness is verified by simulations.