Although the provided answers can be useful in some scenarios, I hardly can imagine those scenarios (maybe games or animations) because they are not precise at all (guessing around target's NDC z?). You can't use those methods to unproject screen coordinates to the world ones if you know target z-plane. But for the most scenarios, you should know this plane.
For example, if you draw sphere by center (known point in model space) and radius - you need to get radius as delta of unprojected mouse coordinates - but you can't! With all due respect @WestLangley's method with targetZ doesn't work, it gives incorrect results (I can provide jsfiddle if needed). Another example - you need to set orbit controls target by mouse double click, but without "real" raycasting with scene objects (when you have nothing to pick).
The solution for me is to just create the virtual plane in target point along z-axis and use raycasting with this plane afterward. Target point can be current orbit controls target or vertex of object you need to draw step by step in existing model space etc. This works perfectly and it is simple (example in typescript):
screenToWorld(v2D: THREE.Vector2, camera: THREE.PerspectiveCamera = null, target: THREE.Vector3 = null): THREE.Vector3 {
const self = this;
const vNdc = self.toNdc(v2D);
return self.ndcToWorld(vNdc, camera, target);
}
//get normalized device cartesian coordinates (NDC) with center (0, 0) and ranging from (-1, -1) to (1, 1)
toNdc(v: THREE.Vector2): THREE.Vector2 {
const self = this;
const canvasEl = self.renderers.WebGL.domElement;
const bounds = canvasEl.getBoundingClientRect();
let x = v.x - bounds.left;
let y = v.y - bounds.top;
x = (x / bounds.width) * 2 - 1;
y = - (y / bounds.height) * 2 + 1;
return new THREE.Vector2(x, y);
}
ndcToWorld(vNdc: THREE.Vector2, camera: THREE.PerspectiveCamera = null, target: THREE.Vector3 = null): THREE.Vector3 {
const self = this;
if (!camera) {
camera = self.camera;
}
if (!target) {
target = self.getTarget();
}
const position = camera.position.clone();
const origin = self.scene.position.clone();
const v3D = target.clone();
self.raycaster.setFromCamera(vNdc, camera);
const normal = new THREE.Vector3(0, 0, 1);
const distance = normal.dot(origin.sub(v3D));
const plane = new THREE.Plane(normal, distance);
self.raycaster.ray.intersectPlane(plane, v3D);
return v3D;
}