F1 23 sees the return of the story mode, "Braking Point," which was introduced in F1 2021. The game features overhauled driving physics and adds the option to set a 35% race distance. Red flags, which last appeared in F1 2014, make an appearance. The game's UI has been overhauled for an experience more akin to the presentation of current Formula One races. New additions to the My Team Icons pack include 1992 World Champion Nigel Mansell, W Series driver Jamie Chadwick, former Williams driver Pastor Maldonado, and former Toyota, Sauber, and Caterham driver Kamui Kobayashi. Pre-orders also included characters from Braking Point 2 as icons.
"F1 World" expands upon the "F1 Life" feature of F1 22 and ties together all game modes, including ranked, esports, offline, and online modes. This includes the return of the Podium Pass and the introduction of a safety rating for online players, similar to systems in iRacing and later Gran Turismo titles. This system is also utilized in offline modes, though it can be disabled. The player's "F1 World" car can be upgraded with new parts and team members can be hired; these items are obtained through gameplay. While an XP boost is available with "PitCoin," no microtransactions to purchase such upgrades are available. Goals and compendiums are available to unlock rewards, and supercars and a virtual living space return from the previous title.
The Lusail International Circuit and the Las Vegas Strip Circuit are included in the game. It also features the Imola Circuit, Circuit Paul Ricard, Shanghai International Circuit, and Algarve International Circuit—tracks that were removed from or not part of the 2023 schedule. Players can switch between a licensed soundtrack, featuring artists such as Swedish House Mafia, Tiësto, and The Chemical Brothers, and an orchestral score composed by Ian Livingstone. An option exists to hear the music through the PA speakers of the in-game racetracks.
A sequel to the story mode introduced in F1 2021, Braking Point 2 is set in the 2022 and 2023 seasons. Drivers Aiden Jackson and Devon Butler are now teammates at the fictional Konnersport Butler Global Racing Team. The mode introduces Formula 2 prodigy Callie Mayer (voiced by Emer Kenny), who becomes the first woman to claim the Formula 2 championship title while racing for Trident in the 2021 season. She is also Devon Butler's sister.
The writing team partnered with three-time W Series champion and Williams development driver Jamie Chadwick to bring Mayer's story to life. Returning character Casper Akkerman acts as Callie's mentor in the 2022 F2 season before becoming the Team Principal for Konnersport in the 2023 F1 season. Other characters include Andreo Konner, the founder and owner of Konnersport, and Davidoff Butler, the CEO of Butler Global and father to Devon and Callie. Butler and Jackson retain their race numbers of 71 and 89, while Mayer uses 66 in Formula One and 20 in F2.
In the 2022 season, Aiden Jackson signs with Konnersport Butler Global Racing Team, founded by Andreo Konner and funded by Davidoff Butler. During the Miami Grand Prix, Jackson retires due to power loss while Devon secures points. At the Hungarian Grand Prix, Butler ignores team orders to give Jackson the position, but Jackson overtakes him. Jackson later faces a slow pit stop at the Japanese Grand Prix, leading him to consider leaving the team. Meanwhile, Callie Mayer wins the F2 Championship with Trident.
In the 2023 season, Akkerman is appointed team principal while Konner steps down but stays with the team. Devon Butler faces difficulties, eventually crashing at the Emilia Romagna Grand Prix and retiring from racing. Akkerman reveals Devon was diagnosed with tinnitus and kept it secret. Davidoff Butler threatens to pull funding if Konnersport does not finish fifth or higher in the Constructors' Championship. Akkerman signs Callie Mayer as Devon's replacement. Despite Davidoff's initial hesitation due to a conflict with Callie and her mother, Evelyn Mayer, he eventually agrees.
During her debut in Azerbaijan, Mayer makes contact with Jackson. In the British Grand Prix, Aiden impedes Callie, but she overtakes him anyway. At the Italian Grand Prix, Devon returns as a team liaison. Aiden makes contact with Callie, damaging her front wing, though she still finishes in the top five. In the Singapore Grand Prix, Aiden receives advice from Devon and finishes in the top five. In the São Paulo Grand Prix, Callie confronts her father, who reveals he funded the team solely for business reasons. In Abu Dhabi, Casper snaps at Davidoff and tells him to leave the team meeting. During the race, Aiden suffers a mechanical failure and retires. Devon gives a fake order to Callie to not push the car too hard, prompting her to drive faster; she finishes in the top four, securing the team's fifth-place goal. In the aftermath, Aiden agrees to stay if Akkerman remains team principal, and Callie looks forward to her next season.
F1 23 was teased in March 2023 as a "fresh start" for the series. A trailer for the "Konnersport Butler Global Racing Team" was released on 28 April, followed by the official trailer on 3 May. A closed beta was available prior to the reveal.
The game features two covers: Max Verstappen appears on the Champions' Edition cover (with a revised version showing him without a helmet), while Charles Leclerc, Lewis Hamilton, and Lando Norris appear on the standard edition cover. Pre-ordering the Champions' Edition of F1 24 grants access to 2024 liveries for McLaren, Alpine, Haas, and Williams via a post-launch update.
F1 23 received "generally favorable" reviews according to Metacritic. The game was praised for its revised handling model, AI, and the inclusion of red flags. Many critics considered it an improvement over F1 22. Braking Point 2 received praise for its CGI graphics, characters, voice performances, plot, and the introduction of the Konnersport team.