Holders Senegal will face Cameroon in Group C, which also includes Guinea and Gambia.
Hosts Ivory Coast will meet fellow West Africans Nigeria in Group A.
Ghana and Egypt will battle it out in Group B while Algeria and Burkina Faso have been placed in Group D.
World Cup semi-finalists Morocco will fancy their chances in Group F, where they face DR Congo, Zambia and Tanzania.
2021 winners Algeria are in Group D alongside Burkina Faso, Mauritania and Angola.
South Africa have their work cut out in Group E, with battles to be done against Tunisia, Mali and Namibia.
The tournament features 24 teams and runs from January 13 to February 11.
The top two teams in each group will qualify for the knockout stages while the best four third-placed sides from the six groups will also advance.
The tournament was originally scheduled to take place in June and July this year but was moved to early next year because of meteorological concerns.
Africa Cup of Nations 2023 draw:
Group A: Ivory Coast, Nigeria, Equatorial Guinea, Guinea-Bissau.
Group B: Egypt, Ghana, Cape Verde, Mozambique.
Group C: Senegal, Cameroon, Guinea, The Gambia.
Group D: Algeria, Burkina Faso, Mauritania, Angola.
Group E: Tunisia, Mali, South Africa, Namibia.
Group F: Morocco, DR Congo, Zambia, Tanzania.
