Events from the year 1923 in Italy.

• King – Victor Emmanuel III
• Prime Minister – Benito Mussolini

• 28 March – Regia Aeronautica, the air force of Fascist Italy, is founded.^[1]
• 18 June – Mount Etna erupts in Italy, making 60,000 homeless
• 1 December – In Italy, the Gleno Dam on the Gleno River, in the Valle di Scalve in the northern province of Bergamo bursts, killing at least 356 people^[2]

• 1 January – Valentina Cortese, actress
• 10 February – Cesare Siepi, opera singer
• 12 February – Franco Zeffirelli, filmmaker
• 7 June – Giorgio Belladonna, bridge player
• 15 October – Italo Calvino, writer and journalist

• 19 August – Vilfredo Pareto, polymath (b. 1848)

• 1923 in Italian television
• List of Italian films of 1923