In military terms, 123rd Division or 123rd Infantry Division may refer to:
- Infantry divisions
- 123rd Infantry Division (France), a World War I division of the French Army
- 123rd Infantry Division (German Empire)
- 123rd Infantry Division (Wehrmacht)
- 123rd Division (Imperial Japanese Army)
- 123rd Infantry Division (Russian Empire), a World War I division of the Imperial Russian Army
- 123rd Rifle Division, a division of the Soviet Union's Red Army
- 123rd Guards Motor Rifle Division, a division of the Soviet Army
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