In the 1923 World Series, the New York Yankees beat the New York Giants in six games. This would be the first of the Yankees' 27 World Series championships (as of 2016). The series was not played in a 2–3–2 format: as with the previous two Series (where both clubs had shared the Polo Grounds) the home field alternated each game, though this time it involved switching ballparks, as the first Yankee Stadium had opened this season.

The Yankees opened their new stadium in April on a home run by Babe Ruth, setting the tone for the season and this Series, in which Ruth hit three home runs along with drawing eight walks. In Game 2, second baseman, Aaron Ward hit a home run. The Giants' one bright spot was "Old Casey" Stengel, who hit game-winning homers in each of the two Giants' victories. In typically eccentric Stengel fashion, one of them was inside-the-park at the cavernous Yankee Stadium, and his shoe came loose during his run around the bases. Stengel was traded after the season, leading him to quip later in life, "It's a good thing I didn't hit three homers in three games, or McGraw would have traded me to the Three-I League!". A quarter century later, Stengel would take on the role of Yankees manager, and would guide the Bronx Bombers through one of their most successful eras.

In Game 6, The Yankees overcame the 4–1 deficit by staging a five-run rally in the eighth inning to clinch the series.

The three consecutive matchups between the Yankees and Giants (1921–1923) marked the only time (as of 2016), that three straight World Series featured the same two clubs.

Thanks to the large seating capacity of the new Yankee Stadium, coupled with expansion of the Polo Grounds the same year, the 1923 Series was the first to eclipse 300,000 in total attendance (301,430), averaging over 50,000 per game (50,238), with gate receipts over $1 million ($1,063,815.00).

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