| Year: | 1923 |
| Team: | SMU Mustangs |
| Sport: | football |
| Conference: | Southwest Conference |
| Short Conf: | SWC |
| Record: | 9–0 |
| Conf Record: | 5–0 |
| Head Coach: | Ray Morrison (4th season) & Ewing Y. Freeland (2nd season) |
| Captain: | Wilton J. Daniel |
| Stadium: | Ownby Oval, Fair Park Stadium |
| Champion: | SWC champion |
The 1923 SMU Mustangs football team represented Southern Methodist University (SMU) as a member of the Southwest Conference (SWC) during the 1923 college football season. Led by co-head coaches Ray Morrison and Ewing Y. Freeland, the Mustangs compiled and overall record of 9–0 with a mark of 5–0 in conference play, winning the SWC title.