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Accurate 3D reconstruction of hands and instruments is critical for vision-based analysis of ophthalmic microsurgery, yet progress has been hampered by the lack of realistic, large-scale datasets and reliable annotation tools. In this work, we introduce OphNet-3D, the first extensive RGB-D dynamic 3D reconstruction dataset for ophthalmic surgery, comprising 41 sequences from 40 surgeons and totaling 7.1 million frames, with fine-grained annotations of 12 surgical phases, 10 instrument categories, dense MANO hand meshes, and full 6-DoF instrument poses. To scalably produce high-fidelity labels, we design a multi-stage automatic annotation pipeline that integrates multi-view data observation, data-driven motion prior with cross-view geometric consistency and biomechanical constraints, along with a combination of collision-aware interaction constraints for instrument interactions. Building upon OphNet-3D, we establish two challenging benchmarks—bimanual hand pose estimation and hand–instrument interaction reconstruction—and propose two dedicated architectures: H-Net for dual-hand mesh recovery and OH-Net for joint reconstruction of two-hand–two-instrument interactions. These models leverage a novel spatial reasoning module with weak-perspective camera modeling and collision-aware center-based representation. Both architectures outperform existing methods by substantial margins, achieving improvements of over 2mm in Mean Per Joint Position Error (MPJPE) and up to 23\% in ADD-S metrics for hand and instrument reconstruction, respectively.