"Forest Wolf" is based on the "Big Bad Wolf" from the fairy tale Little Red Riding Hood, who disguised himself as Little Red Riding Hood's grandmother. Its effect also references the ending to the story, where the lumberjack cuts open the wolf to free Red Riding Hood and her grandmother.
This card has the highest ATK for any Level 3 monsters of the whole series. It would later be tied with "Big Jaws" and "Gagaga Caesar".
This card is also based off of the wolf from the fairy tale "The Seven Kids".