A quadratic polynomial differential systemcan be identified with a single point of ℝ12 through its coefficients. The phase portrait of the quadratic systems having a rational first integral of degree 3 have been studied using normal forms. Here using the algebraic invariant theory, we characterize all the non-degenerate quadratic polynomial differential systems in ℝ12 having a rational first integral of degree 3. We show that there are only 31 different topological phase portraits in the Poincare disc associated to this family of quadratic systems up to a reversal of the sense of their orbits, and we provide representatives of every class modulo an affine change of variables and a rescaling of the time variable. Moreover, each one of these 31 representatives is determined by a set of algebraic invariant conditions and we provide for it a first integral.