Puerto Rican guard John Holland left as a free agent, and American center Hassan Martin terminated his contract in order to join Japanese side Shimane Susanoo Magic.

Both of them were part of the club for one season, in which they won Basketball League of Serbia and Radivoj Korać Cup.

It was Serbian international forward Dejan Davidovac who returned to the club after one year with Russian side CSKA Moscow.

[6] On 1 July it was announced that Serbian power forward Luka Mitrović signed a new two-year contract with the club, with an option for third-year extension.

[7] On 3 July, after his one-year contract expired, Ghanaian power forward Ben Bentil also left the club.

[9] On 11 July Serbian international guard Miloš Teodosić joined the club on a one-year deal after his contract with Virtus Bologna expired.

He also won three silver medals with Serbia from the Summer Olympics, World Cup and EuroBasket and was captain of the national squad for fifteen years.

[11] On 13 July Serbian forward Ognjen Dobrić left the club as a free agent and joined Italian side Virtus Bologna.

US-born Slovenian international center Mike Tobey joined the club from Spanis side Barcelona on a one-year contract.

[14] Second addition was Ukrainian-born Russian international bigman Joel Bolomboy who joined a club on a one-year contract from Greek side Olympiacos.

[16] On 16 July American guard Shabazz Napier joined the club on a two-year contract from the Italian side Olimpia Milano.

[24] On 7 August, Serbian point guard Nikola Topić, who previously signed a four-year contract with the club, left on a season-long loan to Mega MIS.

Four players who arrived at the club this summer were not present due to them playing for their national teams on 2023 FIBA Basketball World Cup - Dejan Davidovac for Serbia, Marko Simonović for Montenegro, Mike Tobey for Slovenia and Yago dos Santos for Brazil.

[26] On 3 September club announced that they mutually terminated contract with Serbian veteran center Miroslav Raduljica.

Bjelica, who is former Euroleague MVP and NBA Champion as well as silver medalist from FIBA World Cup and Eurobasket, arrived from the Turkish side Fenerbahçe.

[28] During the month club started this season run in Adriatic league with four wins and a defeat against their arch-rivals Partizan.

On 21 October club announced that they have parted ways with Montenegrin head coach Duško Ivanović after slow Euroleague start of one win and four defeats.

[30] In Adriatic league club won all four games they played during the November witch secured them first place at the end of the month with 8–1 record.

On 18 December Crvena zvezda signed American center Freddie Gillespie who previously played for German side Bayern Munich.

[32] On 25 December Serbian former international center and NBA Champion Ognjen Kuzmić left the club after more than three years.

[33] On 26 December Serbian guard Nikola Topić returned to the club after the six months loan at the Mega MIS.

On 3 January Montenegrin international center Marko Simonović left the club in order to join Turkish side Beşiktaş on a loan until the end of the season.

[35] On 14 January club signed American combo guard Javonte Smart on a contract until the end of the season, with an option for a year long extension.

Crvena zvezda successfully defended their title after wins against FMP in quarterfinal, Čačak 94 Quantox in semifinal and Partizan Mozzart Bet in final.

They won both games in semifinals against Mega MIS and progressed to the finals where they played against Partizan Mozzart Bet.

Win Loss Crvena zvezda had canceled their participation at the Supercup, due to their previously scheduled pre-season tournaments, which are held in the same period.