[1][2] The champions (TransINVEST) were promoted to A Lyga, and also qualified for the 2024–25 UEFA Conference League second qualifying round by winning the 2023 Lithuanian Football Cup.
The runners-up (Be1 NFA) qualified for the A Lyga play-off.
The fourteenth-placed team (Panevėžys B) qualified for the I Lyga play-off, winning to retain their place in the league.
The bottom two teams (Jonava and Žalgiris B) were relegated to the 2024 LF II Lyga, alongside Marijampolė City (who withdrew from the league) and Riteriai B (after Riteriai were relegated from the 2023 A Lyga.)
The fourteenth-placed club (Panevėžys B) faced the third-placed club from the 2023 LFF II Lyga (Hegelmann B) for the final place in the following season's I Lyga.