F1 23 introduced overhauled driving physics and expanded the race distance options to include a 35% race length setting. Red flags made their return to the series for the first time since F1 2014. The game's interface was redesigned to more closely reflect the broadcast presentation style of contemporary Formula One coverage. New circuit additions included the Lusail International Circuit for the Qatar Grand Prix and the Las Vegas Strip Circuit ahead of the inaugural Las Vegas Grand Prix. The game also retained several tracks not on the 2023 calendar, including Imola, Circuit Paul Ricard, the Shanghai International Circuit and the Algarve International Circuit.
The F1 World hub, expanded from F1 22's F1 Life feature, unified all game modes — ranked, esports, offline and online — under a single interface and reintroduced the Podium Pass. F1 23 introduced a safety rating system for online play, a concept seen in titles such as iRacing. The My Team mode added four new Icon drivers: Nigel Mansell, Jamie Chadwick, Pastor Maldonado and Kamui Kobayashi. The game offered a licensed soundtrack featuring artists including Swedish House Mafia, Tiësto and The Chemical Brothers alongside an orchestral score by Ian Livingstone, with an option to route music through in-game trackside PA speakers.
Braking Point 2, the sequel to F1 2021's inaugural story mode, is set across the 2022 and 2023 Formula One seasons. Returning characters include Aiden Jackson and Devon Butler, now teammates at the fictional Konnersport Butler Global Racing Team, joined by Formula 2 prodigy Callie Mayer, voiced by Emer Kenny, who becomes the first woman to win the F2 Championship in the game's narrative. Casper Akkerman, Jackson's former teammate from the first Braking Point, returns as Mayer's mentor before becoming Konnersport's team principal. Williams development driver Jamie Chadwick assisted the writing team in shaping Mayer's story. The plot centres on Konnersport's struggle to secure Constructors' Championship points and retain Butler Global sponsorship funding, ultimately resolved when Mayer finishes in the top four at the Abu Dhabi finale.
F1 23 was teased in March 2023 as a "fresh start" for the series. The game's two cover variants feature Max Verstappen on the Champions Edition and Charles Leclerc, Lewis Hamilton and Lando Norris on the standard edition. The game launched on Microsoft Windows, PlayStation 4, PlayStation 5, Xbox One, Xbox Series X/S and Linux on 16 June 2023, with the Champions Edition available three days earlier on 13 June.
F1 23 received generally favourable reviews according to Metacritic. Critics praised the revised handling model, improved AI, the reintroduction of red flags and the Braking Point 2 story mode, with particular commendation for its CGI production values, character writing and voice performances. The title was widely regarded as a significant improvement over F1 22.