Soi Cheang was selected as the Filmmaker in Focus for this edition and masterclasses led by Tsai Ming-liang and Lee Kang-sheng were featured.

[3][4] It features little egrets, making it the third edition to use a Hong Kong bird in the design (following the barn swallow in the 45th and the tree sparrow in the 46th), which symbolizes a pursuit of beauty and nature, as well as a sign of fortune.

[3][4] On 1 February 2023, Aaron Kwok was announced to return as the ambassador of the Hong Kong International Film Festival, marking his fifth year in this role.

[10] Taiwanese director Tsai Ming-liang and his frequent collaborator Lee Kang-sheng were also announced as features in the Masterclass section and would be attending the festival in person.

[13] The film festival opened on 30 March 2023 at the Hong Kong Cultural Centre with Soi Cheang's mystery thriller Mad Fate and Ann Hui's documentary Elegies.

Mirko Giannini was named Best Actor for his role in Astrakan, while the ensemble female cast received the Best Actress award for 20,000 Species of Bees.