State Route 723 (SR 723) is a 2-mile (3.2 km) state highway in Churchill County, Nevada, running through a rural area northwest of Fallon.

SR 723 begins at a junction with U.S. Route 50 (US 50) approximately 4 miles (6.4 km) west of downtown Fallon.

From there, the highway runs northward along Soda Lake Road, a two-lane road through mostly residential and rural agricultural areas.

The highway follows Soda Lake Road due north for about 2 miles (3.2 km) before reaching its terminus at an intersection with Cox Road, on the southeastern flank of the Soda Lakes volcano.

The alignment of present-day SR 723 appears on maps as early as 1937.