The 1923–24 Scottish Division Three was the first season of the Scottish Division Three, the third-tier of Scottish football.
It began on 18 August 1923 and ended on 28 April 1924.
It was won by Arthurlie who, along with second placed East Stirlingshire, gained promotion to Division Two.
Brechin City finished bottom.
Nithsdale Wanderers 5–0 Brechin City (25 August 1923); East Stirlingshire 5–0 Clackmannan (1 September 1923); Queen of the South 6–1 Galston (15 November 1923); Mid-Annandale 6–1 Clackmannan (17 November 1923); Queen of the South 7–2 Brechin City (15 December 1923); Arthurlie 5–0 Helensburgh (2 January 1924); Queen of the South 5–0 Clackmannan (8 March 1924); Helensburgh 6–1 Royal Albert (29 March 1924); Montrose 5–0 Galston (12 April 1924); Mid-Annandale 6–1 Brechin City (26 April 1924).