Cheltenham have beaten South Shields and Crewe Alexandra to advance to this stage, while Mansfield have overcome Sunderland and Dagenham & Redbridge in the first two rounds.
Cheltenham's progression to the second round of the FA Cup was relatively routine, recording a 3-1 home victory over South Shields, with Alfie May scoring a brace for the League Two outfit.
Cheltenham were not handed a glamour tie against a Premier League or Championship club but will certainly view this match as winnable as they take on a club in their division.
The Robins - fourth in League Two - have not actually been victorious in any competition since the start of December and will enter this weekend's contest off the back of a goalless draw with Colchester United.
Mansfield, meanwhile, will enter the match off the back of three straight wins over Scunthorpe United, Port Vale and Salford City, which has seen them move into 15th in League Two.
The Stags, who were runners-up in the FA Trophy in 2011, claimed a huge scalp in the first round of this season's FA Cup as they recorded a 1-0 victory away to Sunderland.
Like Cheltenham, Mansfield needed extra time to advance from their second-round contest, with a strike from Nicky Maynard seeing them edge past Dagenham at the end of November.
Nigel Clough has only been in charge of the club since the start of November but has an impressive record at the helm, winning eight, drawing four and losing just two of his 14 matches.
Cheltenham Town FA Cup form: LDWLWW
Cheltenham Town form (all competitions): LDLLDD
Mansfield Town FA Cup form: DLWLWW
Mansfield Town form (all competitions): DLDWWW
Cheltenham's side is expected to have a familiar look to the one that started the last round against Crewe, with May and Lloyd likely to retain their spots in the final third of the field.
As for Mansfield, Clough is hopeful that Maynard will be available for selection, but the striker will face a fitness test on Saturday to determine his involvement.
Cheltenham Town possible starting lineup:
Flinders; Raglan, Tozer, Freestone; Long, Clements, Chapman, Azaz, Hussey; May, Lloyd
Mansfield Town possible starting lineup:
Stech; Gordon, Rawson, Sweeney, Benning; Charsley, Lapslie, Clarke, McLaughlin; Cook, Maynard
We say: Cheltenham Town 1-2 Mansfield Town
Both sides will enter the match believing that they have a genuine chance of reaching the fourth round, which could bring a glamour tie against a Premier League club. Cheltenham have home advantage, but Mansfield's recent form has been impressive, and we fancy Clough's side to advance.