With[{x = longList[[All, 3]]}, Pick[longList, x, Min[x]]]
(* {{4, 29, 0, 15, 40}, {31, 3, 0, 3, 61}, {86, 12, 0, 13, 54},
{48, 56, 0, 4, 94}, {19, 94, 0, 56, 28}, {90, 57, 0, 91,51},
{76, 14, 0, 70, 84}} *)
Original Answer
Pick[longList, longList[[All, 3]],
Min[longList[[All, 3]]]] // AbsoluteTiming
(* {0.000064, {{4, 29, 0, 15, 40}, {31, 3, 0, 3, 61}, {86, 12, 0, 13,
54}, {48, 56, 0, 4, 94}, {19, 94, 0, 56, 28}, {90, 57, 0, 91,
51}, {76, 14, 0, 70, 84}}} *)
Using longlist
as defined by @rhermans
longList = RandomInteger[100, {1000,5}];
and
Select[longList, #[[3]] == Min[longList[[All, 3]]] &] ==
Pick[longList, longList[[All, 3]], Min[longList[[All, 3]]]]
(* True *)