If McIlroy wins the title on Sunday, he will become the first four-time winner of the Dubai Desert Classic.
“It would be amazing. I would be the first player to put my name down four times. That would be awesome,” McIlroy said.
“I’ve had so much success in Dubai, whether it’s at this tournament or at Jumeirah Golf Estates and the Race To Dubai. It’s a really good place for me.”
American Young, who had a three-shot lead entering the third round, made a double bogey in the seventh and dropped another shot in the eighth.
The world number 25 recovered with birdies on the eleventh and thirteenth holes to finish the round on par and lead with 14 under par in total.
Poland’s Adrian Meronk is tied with McIlroy for second after a two-under-par third round.