Fiio M23 Review – A Serious Midrange DAP With Flagship Tendencies

Fiio M23 is not a flagship DAP, but with a price north of five hundred dollars, it is for sure an upper-market model. Let’s find out what you can expect for that amount of money.

Build & Features

The M23 body is CNC-machined aluminum with a subtle industrial aesthetic. It feels dense, solid, and bold in the hand. At 299g, it’s not the most pocket-friendly device, but not overly bulky for what it offers. The 5.5-inch IPS screen is bright and responsive, and the overall ergonomics are well thought out: clicky physical buttons, a responsive volume control, and a distinctive carbon styling.

Internally, the M23 is built around a dual-chip DAC configuration — AKM’s flagship pairing of the AK4191EQ digital filter and AK4499EX DAC. The amplification section is equally impressive. Fiio opted for dual THX AAA 78+ modules in a parallel setup, offering up to 1000mW into 32 ohms via the balanced output, which is more than enough to comfortably drive most full-size headphones. There are three gain settings — Low, Medium, and High — with Super High mode only unlocked when external power is connected, unleashing the full potential of the amp stage.

Speaking of power, the Desktop Mode is a standout feature if you wish to get a boost for the most demanding headphones. The M23 includes two USB-C ports: one for data/audio, and one strictly for power. Plugging it into the wall automatically switches the unit to draw external power, bypassing the internal battery and allowing you to activate the highest gain mode.

Storage includes 64GB internal memory (around 46GB usable) and a microSD slot supporting up to 2TB. Wireless connectivity includes Bluetooth 5.0 with LDAC and aptX HD, dual-band Wi-Fi, and USB DAC mode (in/out). Software-wise, the player runs Android OS, meaning it supports full access to the Play Store and all its apps.

User Experience

Performance-wise, the M23 feels fluid and polished. Boot times are reasonable, app switching is snappy, and the UI never stutters under normal use. The screen is sharp and responsive, and navigating either Android or Fiio’s Pure Music Mode is a clean experience.

Sound

Tonality is where the M23 truly shows its maturity. It walks a fine line between neutral and musical. There’s clarity in the highs without sharpness, body in the mids without bloat, and a deep, well-extended bass that avoids artificial slam. It’s refined, confident, and cohesive, or as I like to call it, fluid-sounding. The M23 offers a spacious soundstage, good weight to notes, and very good layering.

Plugging into the 4.4mm balanced output is where this device is at its best. It brings improved resolution and channel separation without sounding sterile. In fact, there’s a pleasant boldness and plumpness to the sound at all times.

Comparisons

HiBy R4 – The R4 definitely wins on the price/performance ratio, but the M23 edges it out in refinement, or tone coherence if you will. The Fiio also sounds more spacious and better layered, particularly if we’re talking about the soundstage depth.

Older and more expensive Hiby R6 III sounds airier than R4, but it feels tonally leaner and thinner. This is more than obvious when compared directly to a very full-bodied and more naturally sounding M23, which emerges as a clear winner in this duel.

Conclusion

The Fiio M23 doesn’t try to reinvent the wheel — instead, it perfects the formula that already works for the brand. With enough output power, a clear and engaging sound signature that never forgets to be musical, and thoughtful design choices like the dual USB-C ports and desktop mode, this is one of the most complete DAPs in its range.

If you’re looking for a player that looks, behaves, and sounds like a premium product, the M23 earns its place on the shortlist.