The tournament began on 8 March and ended with the final on neutral ground on 13 December 2023.
For this edition the competition had a format change, with clubs affiliated to ANFA (those from Tercera A, Tercera B and regional amateur leagues) being drawn into 13 ties in a first round, with the winners advancing to the newly implemented regional stage where teams from Primera División, Primera B, and Segunda División Profesional entered the competition.
[5] The champions of this edition were entitled to earn the right to compete in the 2024 Copa Libertadores taking the Chile 4 berth, provided they played in the Chilean Primera División in the 2024 season.
Since the champions Colo-Colo had already qualified for the Copa Libertadores through league performance, and the runners-up Magallanes were relegated from the top tier, the berth was reallocated to the 2023 Campeonato Nacional best team not yet qualified for the competition.
Ties in the round of 16, quarter-finals, and semi-finals were single-legged with the higher-seeded team hosting the match, except in the round of 16 in which the team from the lower division hosted it, whilst the regional finals are played over two legs.