F1 23 was described by Codemasters as a "fresh start" for the series following criticism of F1 22's handling and content. EA Sports and Codemasters collaborated again on development, with the game launching on Microsoft Windows, PlayStation 4, PlayStation 5, Xbox One, and Xbox Series X/S, as well as on Linux. The Champions Edition, featuring Max Verstappen on the cover, became available three days before the standard release on 13 June.
The standard edition cover art features Charles Leclerc, Lewis Hamilton, and Lando Norris. A revised Champions Edition cover showed Verstappen without his helmet in a different winning pose.
F1 23 introduced significantly overhauled driving physics compared to its predecessor, receiving broadly positive responses from critics and players. The game added the option to set a 35 percent race distance and reintroduced red flags for the first time since F1 2014. The user interface was redesigned to more closely resemble the visual presentation of televised Formula One broadcasts.
The F1 World hub mode, a major addition to F1 22's F1 Life feature, unified all game modes — ranked, esports, offline, and online — under a single interface. It also reintroduced the Podium Pass, offering cosmetic unlockables, and introduced a safety rating system for online players similar to those found in iRacing and Gran Turismo. Car upgrades and team member hirings could be obtained through gameplay without microtransactions for these elements, though an XP boost was available via the in-game PitCoin currency.
New circuits added included the Lusail International Circuit for the Qatar Grand Prix and the Las Vegas Strip Circuit for the inaugural Las Vegas Grand Prix. Several circuits not on the 2023 calendar — including Imola, Circuit Paul Ricard, Shanghai International Circuit, and the Algarve International Circuit — were retained in the game.
The My Team mode received new Icons, including 1992 World Champion Nigel Mansell, W Series driver Jamie Chadwick, former Williams driver Pastor Maldonado, and former Sauber and Caterham driver Kamui Kobayashi.
Players could toggle between a licensed soundtrack featuring artists such as Swedish House Mafia, Tiesto, and The Chemical Brothers, or an orchestral score composed by Ian Livingstone, with an option to channel music through in-game circuit PA speakers.
F1 23 brought back the Braking Point narrative mode, which had been absent from F1 22. Braking Point 2 continues the story of protagonist Aiden Jackson and antagonist Devon Butler, now teammates at the fictional Konnersport Butler Global Racing Team across the 2022 and 2023 seasons.
A new character, Callie Mayer (voiced by Emer Kenny), is introduced as a Formula 2 prodigy and Devon Butler's sister. She becomes the first woman to win the Formula 2 championship in the game's fiction, driving for Trident in the 2021 season. The writing team partnered with three-time W Series champion Jamie Chadwick to develop Mayer's character authentically.
Returning characters include Casper Akkerman, Jackson's former veteran teammate from the first Braking Point, who assumes the role of team principal at Konnersport. The story centers on internal team tensions, funding pressures from Butler Global, and Callie Mayer's arrival as Devon Butler's mid-season replacement after his retirement due to undisclosed tinnitus. A climactic Abu Dhabi finale sees the team meet their required constructor position to secure continued funding, with Devon Butler making a covert intervention to ensure the team's survival.
F1 23 received generally favorable reviews on Metacritic. Critics cited the revised handling model, improved AI, and red flag system as meaningful improvements over F1 22. Braking Point 2 was commended for its CGI quality, character writing, voice performances, and the introduction of the Konnersport team as a narrative setting.