LG says it expects to roll Android 5.0 out to its flagship towards the end of November or early December, which will make it one of the first devices other than the Nexus range to sport Google's latest software.
The Lollipop boost will also see LG's Health application sync up nicely with the G Watch R, with automatic heart rate readings taken throughout the day along with step counting.
This is a similar feature to the Moto 360, where Motorola has its own app for the smartwatch to monitor heart rate at regular intervals.
Motorola's feature, however, is available on any Android handset thanks to a downloadable app, while LG's offering will, for the time being, be exclusive to the Lollipop-toting G3.
You'll be able to adjust the frequency of the readings - the fewer, the better it will be for battery life - or if you're not that bothered at all you'll be able to turn it off completely.
Users sporting Android handsets will also be able to look forward to more Android Wear features in the future, with LG confirming that you'll benefit from extra functionality with the latest version of Google's platform.
One of those additional features, announced by Google earlier this year, is the ability to unlock your smartphone by its proximity to your smartwatch.
Another feature unlocked recently by the search giant is the ability for Android Wear smartwatches to use built-in GPS, but the G Watch R doesn't sport its own location tech.
It instead relies on your smartphone's GPS, as do all the current Android Wear watches other than the Sony Smartwatch 3, and LG told TechRadar its omission is purely down to battery consumption.