The event took place from 28–30 April 2023. Entering the weekend, Max Verstappen led the World Drivers' Championship with 69 points, followed by his Red Bull Racing teammate Sergio Pérez with 54 points and Fernando Alonso with 45 points. Red Bull Racing held the lead in the Constructors' Championship with 123 points, ahead of Aston Martin and Mercedes.
The weekend introduced a revised sprint format. This structure featured a single practice session on Friday followed by qualifying for the Sunday Grand Prix. Saturday was dedicated to a "sprint shootout" qualifying session and the sprint race itself. The sprint shootout was shorter than traditional qualifying, with segments of 12, 10, and 8 minutes, and mandated the use of medium tyres for the first two segments and soft tyres for the final segment.
The second DRS activation point at the Baku City Circuit was moved 100 metres further ahead for the 2023 event, positioned 447 metres after turn 20. Pirelli supplied the C3, C4, and C5 tyre compounds for the race. The entry list remained consistent with the standard season entrants, with no stand-in drivers participating.
Charles Leclerc secured pole position for the main race with a lap time of 1:40.203, setting a new unofficial lap record for the circuit. The session was interrupted by two red flags in the first segment caused by crashes involving Nyck de Vries and Pierre Gasly at turn 3. Both Aston Martin drivers, Fernando Alonso and Lance Stroll, were hindered by DRS issues, while Esteban Ocon and Nico Hülkenberg were eventually required to start from the pit lane due to suspension setup changes made under parc fermé conditions.
Leclerc also took pole position for the sprint race during the Saturday sprint shootout, despite a crash at turn 5 on his final lap. The shootout saw a significant incident involving Logan Sargeant, who hit the wall at turn 15 during the first segment. Although Sargeant qualified 15th, Williams withdrew his car from the sprint due to the extent of the damage. Lando Norris was unable to participate in the final segment of the shootout because he lacked the mandatory new set of soft tyres.
At the start of the sprint, Leclerc maintained his lead while Max Verstappen and George Russell made contact at turn 2, resulting in damage to Verstappen's car and allowing Russell to move into third. A safety car was deployed after Yuki Tsunoda hit the wall at turn 13, losing a tyre and leaving debris on the track. After the restart on lap five, Verstappen reclaimed third place from Russell. On lap seven, Sergio Pérez utilized DRS to pass Leclerc for the lead, which he maintained until the finish.
Charles Leclerc led the opening laps of the Grand Prix until Max Verstappen passed him using DRS on lap four. Sergio Pérez moved into second place by passing Leclerc on lap six. The race's momentum shifted on lap ten when Verstappen pitted just before a safety car was deployed for Nyck de Vries, who had stopped on track after clipping the wall at turn 5. Pérez and Leclerc were able to pit during the safety car period, allowing Pérez to take the lead and Verstappen to drop to third.
Pérez maintained his lead for the remainder of the race to secure his second victory at the Baku City Circuit. Verstappen finished second, and Leclerc finished third, marking the first podium of the season for both Leclerc and Ferrari. George Russell made a late pit stop for fresh tyres to successfully claim the point for the fastest lap.
During the final lap of the Grand Prix, a safety breach occurred when FIA-appointed personnel allowed photographers to enter the fast lane of the pits while the race was still active. This occurred as Esteban Ocon was entering the pit lane for a mandatory stop, forcing him to avoid the individuals in his path. Race stewards investigated the incident and recommended changes to parc fermé procedures to prevent a recurrence.
Following the event, Max Verstappen remained the leader of the Drivers' Championship with 93 points, though his lead over Sergio Pérez was reduced to six points. Red Bull Racing extended its lead in the Constructors' Championship to 180 points, with Aston Martin and Mercedes retaining second and third place respectively. This victory remained Pérez's most recent Formula One win as of 2025.