In this paper we study the 3-state Potts model on the triangular lattice which has two- and three-site interactions. Using a Peierls argument we obtain a rigorous bound on the transition temperature, thereby disproving a conjecture on the location of its critical point. Low-temperature series are generated and analyzed for three particular choices of the coupling constants; a phase diagram is then drawn on the basis of these considerations. Our analysis indicates that the antiferromagnetic transition and the transition along the coexistence line are of first order, implying the existence of a multicritical point in the ferromagnetic region. Relation of the triangular q-state Potts model with other lattice-statistical problems is also discussed. In particular, an Ashkin-Teller model and the hard-hexagon lattice gas solved by Baxter emerge as special cases in appropriate limits.