F1 23 introduced overhauled driving physics, the option to set a 35% race distance, and the return of red flags, last seen in F1 2014. The game's user interface was redesigned to more closely resemble the broadcast presentation of contemporary Formula One races.
The "F1 World" hub expanded on the "F1 Life" feature from F1 22, unifying ranked, esports, offline, and online game modes under a single interface, alongside the return of the Podium Pass. A safety rating system for online play was introduced, with an equivalent optional system available in offline modes. Players can upgrade their F1 World car using parts and personnel obtained through gameplay; no microtransactions exist for these upgrades, though an XP boost is purchasable with in-game PitCoin currency.
New additions to the My Team Icons pack included 1992 World Champion Nigel Mansell, W Series driver Jamie Chadwick, former Williams driver Pastor Maldonado, and Kamui Kobayashi. Nyck de Vries appeared in the initial release but was replaced by Daniel Ricciardo following real-world roster changes, though Liam Lawson — who deputised for Ricciardo during part of the 2023 season — does not appear in the game.
The circuit roster includes the Lusail International Circuit and the newly built Las Vegas Strip Circuit. Several tracks not on the 2023 Formula One calendar were also retained: the Imola Circuit, Circuit Paul Ricard, Shanghai International Circuit, and Algarve International Circuit. The game offers a choice between a licensed soundtrack featuring artists such as Swedish House Mafia, Tiësto, and The Chemical Brothers, and an orchestral score composed by Ian Livingstone.
F1 23 revived the narrative story mode first introduced in F1 2021. Braking Point 2 spans the 2022 and 2023 Formula One seasons and centres on returning characters Aiden Jackson (protagonist, number 89) and Devon Butler (antagonist, number 71), now teammates at the fictional Konnersport Butler Global Racing Team. New to the story is Formula 2 driver Callie Mayer (number 66 in F1, voiced by Emer Kenny), Devon's sister, who won the 2021 Formula 2 championship with Trident and became the first woman to do so. Veteran driver Casper Akkerman returns as Callie's mentor in F2 before becoming Konnersport's team principal for the 2023 F1 season. The writing team collaborated with three-time W Series champion and Williams development driver Jamie Chadwick on Mayer's characterisation.
The plot follows Konnersport's struggle for survival in Formula One: following Devon Butler's mid-season retirement due to undisclosed tinnitus, Callie is signed as his replacement, with the team needing to finish fifth or higher in the Constructors' Championship to retain backing from Devon and Callie's father, Davidoff Butler (CEO of Butler Global). The season culminates at the Abu Dhabi Grand Prix, where Callie finishes in the top four after Devon issues a reverse team order, securing Butler Global's continued funding and Konnersport's future in the sport.
The game 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 game trailer on 3 May; a closed beta preceded the reveal. Cover art features Max Verstappen on both versions of the Champions Edition and Charles Leclerc, Lewis Hamilton, and Lando Norris on the standard edition. Pre-ordering the Champions Edition of F1 24 granted access to post-launch 2024 liveries for McLaren, Alpine, Haas, and Williams.
F1 23 received "generally favorable" reviews on Metacritic. Critics highlighted the revised handling model, improved AI, and the reintroduction of red flags as notable improvements over its predecessor F1 22. Braking Point 2 was widely praised for its CGI presentation, character writing, voice performances, and the newly introduced Konnersport team.