The vessel attempted to leave the Harbour at high tide when the outboard motor suddenly failed, resulting in the boat being pushed against the rock armour by strong winds.
The trio managed to secure a rope around a wooden pylon which was enough to keep the boat from being smashed to pieces against the rocks.
Bembridge Coastguard Rescue Team and Ventnor Coastguard Rescue Team were called to the scene shortly before 17:00, with Ryde Inshore Rescue also tasked to launch.
The volunteer lifeboat crew onboard Ryde Rescue 1 have now successfully pulled the speedboat clear of the rocks and have taken the vessel back into the harbour having quickly established a hip tow.
The 3 young males onboard appear uninjured.
The incident comes less than 2 hours after HM Coastguard and Bembridge RNLI were tasked to reports of a dinghy potentially in difficulty off St Helens.
If you or someone else is in difficulty on the coast or at sea, or if you spot what you think may be unexploded ordnance, then dial 999 and ask for the Coastguard. Further safety information can be found at https://coastguardsafety.campaign.gov.uk/.