VP-123 was a Patrol Squadron of the U.S. Navy. The squadron was established as Bombing Squadron 140 (VB-140) on 21 April 1943, redesignated Patrol Bombing Squadron 140 (VPB-140) on 1 October 1944, redesignated Patrol Bombing Squadron 123 (VPB-123) on 20 November 1944, redesignated Patrol Squadron 123 (VP-123) on 15 May 1946 and disestablished on 1 October 1946.