On his three-year-old debut, Make Believe was ridden by Pierre-Charles Boudot and started favourite for the Grade ThreePrix Djebel over 1400 metres at Maisons-Laffitte Racecourse on 2 April. After racing in second place he took the lead 400 metres from the finish but was caught in the final stride and beaten a head by the Freddy Head-trained Ride Like The Wind. Olivier Peslier took over the ride when make believe was one of eighteen colt to contest the Poule d'Essai des Poulains over 1600 metres at Longchamp Racecourse. He was made the 5/1 second favourite behind the Aidan O'Brien-trained Highland Reel with the Prix de Fontainebleau runner-up Karar next in the betting. Few of the others were given any serious chance, but the more fancied outsiders included Muhaarar from England and the Fabre stable's second runner New Bay. Peslier sent the colt into the lead from the start and set a steady pace before accelerating clear of the field 400 metres from the finish. He never looked in any danger of defeat and won by three lengths from New Bay with Mr Owen and Karar in third and fourth. Explaining his choice of tactics, Peslier said "He is a horse who is the ideal type to try and make all and I didn't hestitate in trying to do so. He broke well and although he was a little bit keen early I managed to settle him quite quickly. When you get on a roll like that you don't want to stop them and he finished very well". In June Make Believe was sent to England for the St James's Palace Stakes over one mile at Royal Ascot and started second favourite behind Gleneagles. After pulling hard against Peslier's attempts to restrain him he faded quickly in the last quarter mile and finished last of the five runners, more than twelve lengths behind the winning favourite. Commenting on the performance some time later, Faisal's racing advisor Ted Voute said "He ran a bit flat at Ascot and Andre has always said he is a delicate horse and that we need to look after him. We possibly ran him back too quick after the French Guineas and we'll let the horse tell us when he is ready for a run". Make Believe was off the racecourse for three and a half months before returning on 4 October when he was matched against older horses for the first time in the Prix de la Foret over 1400 metres at Longchamp. The three-year-old British gelding Limato started favourite after an impressive win in the Park Stakes with Make Believe next in the betting on 9/2. The other runners included Taniyar, Toormore, Gordon Lord Byron, Custom Cut, G Force and Ride Like The Wind. After tracking the leaders, Peslier switched his mount to the outside to make his challenge 400 metres out. Make Believe accelerated into the lead, opened up a clear advantage and won by one and a quarter lengths from the fast-finishing Limato. Toormore got the best of a five-horse blanket finish for third place. On his final start of the season, Make Believe was sent to the United States to contest the Breeders' Cup Mile at Keeneland on 31 October. He was made the 2.7/1 favourite in a field which also included Esoterique and Karakontie. He started slowly and never looked likely to win, finishing fifth of the twelve runners behind Tepin.
Stud record
Make Believe was retired from racing to stand as a breeding stallion at the Ballylinch Stud in Ireland. In his first season at stud he sired the Prix du Jockey Club winner Mishriff.
