Formed on 7 Apr 1952 with an eclectic mix of fixed wing types, as the RAN Anti-Submarine School. Received the first 3 RAN helicopters (the Bristol Sycamore) on 11 Mar 1953 and worked until decommissioning on 25 Oct 1956. Re-commissioned on 18 Feb 1957 with 5 Sycamores and 4 fixed wing aircraft, which were transferred to 724 Squadron in Nov 1961, leaving 723 Squadron as an all rotary wing unit. 2 Scouts arrived for Survey Support work in April 1962 and 6 UH-1B Iroquois arrived in May 1964 to eventually replace the Sycamores, which were finally withdrawn in June 1965. In 1969, it was restyled HT-723, in common with US Navy practice. The Hueys formed the core of the aircrew training for RANs Viet-Nam commitment. In 1973 both Scouts were replaced by 3 CAC Kiowa. When 725 Squadron decommissioned, 4 Wessex 31Bs arrived for Utility Support work. 6 more Wessex arrived in 1979 for use in the Army Support role. All 10 Wessex departed for 816 Squadron in 1984, being replaced by 6 AS350B Squirrels. In Aug 2000, the remaining 3 Kiowas on charge were transferred to Australian Army Aviation.
The squadrons primary role is Pilot, Observer and Aircrew training through the Pilot Basic Rotary Course (PBRC), Pilot Advanced Rotary Course (PARC), Observer Basic Rotary Course (OBRC) and Aircrew Basic Rotary Course (ABRC)
Final flight of all 6 Squirrels took place on 1 Nov and the display team was stood down
Structure
Subordinate Unit Bases
Models
| 1953-1964 | Type 171 Sycamore |
| 1962-1973 | Scout |
| 1964-1989 | 204 |
| 1973-2000 | ca-32 kiowa |
| 1976-1984 | Wessex |
| 1984-2017 | AS350 Ecureuil |
| 2007-2011 | AW109E Power |
| 2012-2017 | 429 |
| 2016- | EC135T2+ |
Operations
| 04 Oct 20132013 | 05 Oct 20132013 | International Fleet Review Sydney 2013 |