Intersection-over-Union (IoU) is the most popular metric to evaluate regression performance in 3D object detection. Recently, there are also some methods applying IoU to the optimization of 3D bounding box regression. However, we demonstrate through experiments and mathematical proof that the 3D IoU loss suffers from abnormal gradient w.r.t. angular error and object scale, which further leads to slow convergence and suboptimal regression process, respectively. In this paper, we propose a Gradient-Corrected IoU (GCIoU) loss to achieve fast and accurate 3D bounding box regression. Specifically, a gradient correction strategy is designed to endow 3D IoU loss with a reasonable gradient. It ensures that the model converges quickly in the early stage of training, and helps to achieve fine-grained refinement of bounding boxes in the later stage. To solve suboptimal regression of 3D IoU loss for objects at different scales, we introduce a gradient rescaling strategy to adaptively optimize the step size. Finally, we integrate GCIoU Loss into multiple models to achieve stable performance gains and faster model convergence. Experiments on KITTI dataset demonstrate superiority of the proposed method. The code is available at https://github.com/ming71/GCIoU-loss.