Coming into the weekend, Verstappen led the Drivers' Championship with 466 points, 226 ahead of his Red Bull Racing teammate Sergio Perez and 265 ahead of Lewis Hamilton in third. Red Bull Racing led the Constructors' Championship with 706 points, 362 clear of Mercedes and 384 ahead of Ferrari. Pirelli provided the C3, C4, and C5 tyre compounds — the three softest in their dry range — for the event, one step softer than those used at the previous running of the race. Pirelli also supplied two additional sets per driver of an experimental C4 compound, trialled during the first two free practice sessions.
During the opening practice session, five teams were required by regulations to field drivers with limited Formula One experience: Oliver Bearman drove for Haas in place of Kevin Magnussen, Frederik Vesti drove for Mercedes in place of George Russell, and Isack Hadjar drove for AlphaTauri in place of Yuki Tsunoda — all three making their Formula One practice debuts. Jack Doohan drove for Alpine and Theo Pourchaire drove for Alfa Romeo.
Max Verstappen topped all three free practice sessions, heading Alexander Albon and Perez on two occasions. Qualifying produced a Ferrari front-row lockout, with Charles Leclerc claiming pole position ahead of teammate Carlos Sainz Jr. and Verstappen in third. Daniel Ricciardo qualified fourth — the highest qualifying result for the AlphaTauri team across the entire season. Tsunoda was required to start from the back of the grid due to exceeding his allocation of power unit elements and gearbox components, while Logan Sargeant failed to set a qualifying time and additionally received a ten-place grid penalty for overtaking under yellow flag conditions in Q1. Lance Stroll was sent to start from the pit lane after elements of a different specification were fitted to his car during parc ferme.
Run over 71 laps on 29 October, the race featured five retirements and a red flag interruption. On the first lap, Perez turned into Leclerc at the first corner, retiring the Mexican on the spot and damaging Leclerc's front endplate. On lap 5, the loose endplate fell off at turn 1, prompting a brief virtual safety car period to allow marshals to clear the debris. On lap 33, Magnussen suffered a left rear suspension failure which sent his car into the barrier heavily at turn 9 and initially triggered a safety car period. One lap later the red flag was shown to allow barrier repairs. Fernando Alonso retired on lap 47 with damage, and his Aston Martin teammate Stroll was subsequently forced out after a collision with Valtteri Bottas — who received a post-race five-second penalty for causing the contact. Sargeant retired on the final lap with a fuel pump problem.
Verstappen won the race ahead of Hamilton and Leclerc, claiming his sixteenth victory of the season — a new Formula One record for wins in a single season. Starting seventeenth, Lando Norris recovered twelve positions to finish fifth. Ricciardo finished seventh, the AlphaTauri team's best race result of the 2023 season; the result moved AlphaTauri from last position in the Constructors' Championship to eighth, level with Alfa Romeo and four points ahead of Haas.
A disturbance in the grandstands occurred following the first-lap collision between Perez and Leclerc, when a fan instigated an altercation with other spectators. The individual was ejected from the venue and issued a lifetime ban from future events at the circuit.