Race Results for the 1923 Indianapolis 500
| Finish | Start | Car Num. | Driver | Car Name/Entrant* | Make/Model | Status | Laps | Led | Winnings |
| 1 | 1 | 1 | Tommy Milton (W) | H.C.S. | Miller/Miller | 90.954 | 200 | 128 | $28,700 |
| 2 | 2 | 7 | Harry Hartz | Durant | Miller/Miller | 90.063 | 200 | 6 | $10,100 |
| 3 | 9 | 5 | Jimmy Murphy (W) | Durant | Miller/Miller | 88.078 | 200 | 11 | $7,000 |
| 4 | 14 | 6 | Eddie Hearne | Durant | Miller/Miller | 86.646 | 200 | 0 | $3,500 |
| 5 | 7 | 23 | L.L. Corum | Barber-Warnock Ford | Ford T/Fronty-Ford | 82.851 | 200 | 0 | $3,000 |
| 6 | 16 | 31 | Frank Elliott | Durant | Miller/Miller | 82.219 | 200 | 0 | $2,200 |
| 7 | 10 | 8 | Cliff Durant | Durant | Miller/Miller | 82.170 | 200 | 4 | $2,200 |
| 8 | 20 | 15 | Max Sailer (R) | Mercedes | Mercedes/Mercedes | 80.683 | 200 | 0 | $1,600 |
| 9 | 22 | 19 | Prince de Cystria (R) | Bugatti | Bugatti/Bugatti | 77.637 | 200 | 0 | $1,500 |
| 10 | 24 | 34 | Wade Morton (R) | Duesenberg | Duesenberg/Duesenberg | 74.984 | 200 | 0 | $1,400 |
| 11 | 15 | 16 | Christian Werner (R) | Mercedes | Mercedes/Mercedes | 74.650 | 200 | 0 | $0 |
| 12 | 6 | 18 | Pierre de Viscaya (R) | Bugatti | Bugatti/Bugatti | Rod | 166 | 0 | $0 |
| 13 | 21 | 28 | Leon Duray | Durant | Miller/Miller | Rod | 136 | 0 | $0 |
| 14 | 3 | 3 | Dario Resta (W) | Packard | Packard/Packard | Differential | 87 | 0 | $0 |
| 15 | 11 | 2 | Ralph DePalma (W) | Packard | Packard/Packard | Head gasket | 69 | 0 | $0 |
| 16 | 19 | 26 | Harlan Fengler (R) | Durant | Miller/Miller | Fuel tank | 69 | 0 | $0 |
| 17 | 8 | 25 | Howdy Wilcox (W) | H.C.S. | Miller/Miller | Clutch | 60 | 51 | $2,000 |
| 18 | 13 | 4 | Joe Boyer | Packard | Packard/Packard | Differential | 59 | 0 | $0 |
| 19 | 18 | 35 | Bennett Hill | Miller | Miller/Miller | Crankshaft | 41 | 0 | $0 |
| 20 | 5 | 27 | Count Louis Zborowski (R) | Bugatti | Bugatti/Bugatti | Rod | 41 | 0 | $0 |
| 21 | 12 | 29 | Earl Cooper | Durant | Miller/Miller | Accident | 21 | 0 | $0 |
| 22 | 23 | 22 | Raul Riganti (R) | Bugatti | Bugatti/Bugatti | Fuel line | 19 | 0 | $0 |
| 23 | 17 | 14 | Christian Lautenschlager (R) | Mercedes | Mercedes/Mercedes | Accident | 14 | 0 | $0 |
| 24 | 4 | 21 | Martin de Alzaga (R) | Bugatti | Bugatti/Bugatti | Rod | 6 | 0 | $0 |
* - complete car name/entrant data not available for all entries
(R) - Indicated Rookie
(W) - Indicates Past Winner



























