The Rural Municipality of Silverwood No. 123 (2016 population: ) is a rural municipality (RM) in the Canadian province of Saskatchewan within Census Division No. 5 and Division No. 1. It is located in the southeast portion of the province.
The RM of Silverwood No. 123 incorporated as a rural municipality on October 31, 1911.
The Great Blue Heron (Ardea herodias), a species of special concern, makes its home in this area.
The following unincorporated communities are within the RM.
In the 2021 Census of Population conducted by Statistics Canada, the RM of Silverwood No. 123 had a population of living in of its total private dwellings, a change of from its 2016 population of . With a land area of , it had a population density of in 2021.
In the 2016 Census of Population, the RM of Silverwood No. 123 recorded a population of living in of its total private dwellings, a change from its 2011 population of . With a land area of , it had a population density of in 2016.
The RM of Silverwood No. 123 is governed by an elected municipal council and an appointed administrator that meets on the second Thursday of every month. The reeve of the RM is William MacPherson while its administrator is Jennalee Beutler. The RM's office is located in Whitewood.