The car featured a livery of red, white, and black, marking the team's first predominantly dark color scheme since the Haas VF-19. This design integrated the branding of MoneyGram International Inc., the team's third title sponsor. Ahead of the 2023 championship, the team also partnered with Chipotle Mexican Grill, whose logo appeared on the nose and side of the car during the three American rounds in Miami, Austin, and Las Vegas.
The VF-23 demonstrated immediate qualifying pace during the early rounds of the 2023 season. At the opening race in Bahrain, Hülkenberg reached Q3 to qualify 10th. The team's first point was secured by Magnussen at the second round in Jeddah with a 10th-place finish.
The car's most significant points haul occurred at the Australian Grand Prix. Hülkenberg qualified 10th and was running 4th following a chaotic late-race restart. Although Haas protested the decision to reset the order for the final safety car finish, the protest was rejected, and Hülkenberg was classified 7th. By the end of the first three races, the team sat 7th in the Constructors' Championship with seven points.
Throughout the 2023 season, the VF-23 was characterized by a stark contrast between qualifying performance and race pace. Hülkenberg made eight Q3 appearances, including a front-row qualification of 2nd in Canada (later demoted to 5th due to a penalty) and an 8th-place start in Spain. However, high tire wear frequently caused the drivers to drop back during races. In Spain and Canada, Hülkenberg fell from his high starting positions to finish 15th as his tires wore out.
The car achieved its first double Q3 appearance of the season during the sprint weekend in Austria, where Hülkenberg qualified 4th and Magnussen 10th for the sprint. Hülkenberg ran as high as second in the sprint before finishing sixth to score points. Despite these flashes of speed, the team suffered from reliability issues, including engine failures for Hülkenberg in Austria and Magnussen at the British Grand Prix.
The VF-23 was involved in several high-profile race incidents. In Monaco, Magnussen retired on lap 70 after hitting the wall at Rascasse during a late rain shower. At the Mexico City Grand Prix, Magnussen suffered a rear suspension failure that sent him into the wall at turn 9, triggering a red flag.
A significant team setback occurred at the Sao Paulo Grand Prix, where Hülkenberg was sandwiched between Magnussen and Alex Albon at the start. The resulting collision sent Albon into Magnussen and ended the race for both Haas drivers.
Haas finished the 2023 season 10th and last in the Constructors' Championship with 12 points. This marked the second time in three seasons the team finished at the bottom of the standings. Hülkenberg ended the year 16th in the Drivers' Championship with nine points, while Magnussen finished 19th with three points.
The team's technical struggles were attributed to the VF-23's inability to manage tire degradation, leaving the drivers "sitting ducks" on straights during long race stints. A major upgrade package introduced at the United States Grand Prix in Austin failed to rectify these issues. The lack of performance from these updates forced the team to revert to the old specification car for the remainder of the season.
Following its primary competitive season, the VF-23 was utilized for testing and promotional purposes. In January 2025, the car was run in a private test at Circuito de Jerez for drivers Esteban Ocon, Oliver Bearman, and Ritomo Miyata as part of a technical partnership with Toyota Gazoo Racing. In September 2025, the team announced that former driver Romain Grosjean would drive the VF-23, marking his first return to Formula One machinery since his departure in 2020.