diff --git a/source/includes/changelogs/releases/4.0.23.rst b/source/includes/changelogs/releases/4.0.23.rst
new file mode 100644
index 00000000000..b755c47c76f
--- /dev/null
+++ b/source/includes/changelogs/releases/4.0.23.rst
@@ -0,0 +1,47 @@
+.. _4.0.23-changelog:
+
+4.0.23 Changelog
+----------------
+
+Sharding
+~~~~~~~~
+
+- :issue:`SERVER-50305` ARS::next() does not respect OperationContext deadline
+- :issue:`SERVER-53274` The force-write of the `history` field to all chunks on FCV upgrade from 3.6 to 4.0 is unnecessary
+
+Replication
+~~~~~~~~~~~
+
+- :issue:`SERVER-52744` rollback node's lastApplied > sync source's lastApplied in rollback_after_enabling_majority_reads.js
+- :issue:`SERVER-53345` Excuse arbiter_new_hostname.js from multiversion tests
+- :issue:`SERVER-53459` rollback_all_op_types.js should ensure sync source's lastApplied > rollback node's lastApplied
+- :issue:`SERVER-53609` lastCommittedTransaction section causes frequent schema changes that limit FTDC retention
+
+Query
+~~~~~
+
+- :issue:`SERVER-40361` Reduce memory footprint of plan cache entries
+- :issue:`SERVER-47869` Add diagnostic logging to ClusterCursorManager
+
+Storage
+~~~~~~~
+
+- :issue:`SERVER-46876` During the eviction pressure, we should quit the compact operation instead of crashing the process
+- :issue:`SERVER-52950` recoverOplogAsStandalone mode must not start oplog truncater thread
+
+Operations
+~~~~~~~~~~
+
+:issue:`SERVER-54074` [v4.0] Log start and end of changes to table log settings
+
+Internals
+~~~~~~~~~
+
+- :issue:`SERVER-43904` When stepping down, step up doesn't filter out frozen nodes
+- :issue:`SERVER-46686` Explain does not respect maxTimeMS
+- :issue:`SERVER-46740` establishCursors() must always drain the AsyncRequestsSender::_baton
+- :issue:`SERVER-52879` Periodic operation latency spikes every 5 minutes due to closing idle cached WT sessions
+- :issue:`SERVER-53234` jstests/core/profile2.js fails when background operations are run against test database
+- :issue:`SERVER-54091` Update assertion messages for dbhash check run by resmoke.py
+- :issue:`SERVER-54134` Ignore newer mongo versions on older branches of setup_multiversion_mongodb.py
+
diff --git a/source/release-notes/4.0-changelog.txt b/source/release-notes/4.0-changelog.txt
index b09cdb99427..2fec3e71fbd 100644
--- a/source/release-notes/4.0-changelog.txt
+++ b/source/release-notes/4.0-changelog.txt
@@ -10,6 +10,8 @@
    :depth: 1
    :class: twocols
 
+.. include:: /includes/changelogs/releases/4.0.23.rst
+
 .. include:: /includes/changelogs/releases/4.0.22.rst
 
 .. include:: /includes/changelogs/releases/4.0.21.rst
diff --git a/source/release-notes/4.0.txt b/source/release-notes/4.0.txt
index 05c565b6961..d692a8d25d1 100644
--- a/source/release-notes/4.0.txt
+++ b/source/release-notes/4.0.txt
@@ -13,6 +13,28 @@ Release Notes for MongoDB 4.0
 Minor Releases
 --------------
 
+.. _4.0.23-release-notes:
+
+4.0.23 - Upcoming
+~~~~~~~~~~~~~~~~~
+
+Issues fixed:
+
+- :issue:`SERVER-40361` Reduce memory footprint of plan cache entries
+- :issue:`SERVER-46740` establishCursors() must always drain the
+  AsyncRequestsSender::_baton
+- :issue:`SERVER-46876` During the eviction pressure, we should quit the
+  compact operation instead of crashing the process
+- :issue:`SERVER-50305` ARS::next() does not respect OperationContext
+  deadline
+- :issue:`SERVER-52879` Periodic operation latency spikes every 5
+  minutes due to closing idle cached WT sessions
+
+- `All JIRA issues closed in 4.0.23
+  <https://jira.mongodb.org/issues/?jql=project%20in%20(SERVER%2CTOOLS%2CWT)%20AND%20resolution%3D%27Fixed%27%20and%20fixversion%3D%274.0.23%27>`_
+
+- :ref:`4.0.23-changelog`
+
 .. _4.0.22-release-notes:
 
 4.0.22 - Jan 4, 2021