UFC 323: Dvalishvili vs. Yan 2 was a mixed martial arts event produced by the Ultimate Fighting Championship that took place on December 6, 2025, at the T-Mobile Arena in Paradise, Nevada, part of the Las Vegas Valley, United States.
This was the UFC's last pay-per-view (PPV) event before its new media deal with Paramount Skydance took effect in 2026, as the numbered events will instead be available to stream at no additional cost on Paramount+ in the U.S. starting next year. The PPV model has been a hallmark of the promotion since its inception in 1993 and has been especially emphasized during the organization's seven-year broadcast partnership with ESPN.
A UFC Bantamweight Championship bout between current champion Merab Dvalishvili and former champion Petr Yan headlined the event. With a win, Dvalishvili would become the first UFC champion in history to defend a title four times in the same calendar year. The pairing previously met in March 2023 at which Dvalishvili won by unanimous decision.
A UFC Flyweight Championship bout between current champion Alexandre Pantoja and Joshua Van served as the co-main event.
Mansur Abdul-Malik and Antonio Trócoli met in a middleweight bout at this event. The pairing was initially expected to take place at in late February, but Trócoli withdrew due to undisclosed reasons.
A light heavyweight bout between former KSW and UFC Light Heavyweight Champion Jan BÃ Âachowicz and Bogdan Guskov was scheduled for . However, the pairing was moved to this event for unknown reasons.
A lightweight bout between Terrance McKinney and Chris Duncan took place at the event. They were first scheduled to compete at in October 2023, but Duncan had to withdraw due to visa issues.
A featherweight bout between Muhammad Naimov and featherweight winner Mairon Santos took place at this event. The bout was originally scheduled for two weeks prior but was moved to this event for undisclosed reasons. At the weigh-ins, Santos weighed in at 147.5 pounds, 1.5 pounds over the featherweight non-title fight limit. The bout proceeded at catchweight and he was fined 20 percent of his purse, which went to Naimov.
Also at the weigh-ins, Brunno Ferreira weighed in at 189 pounds, 3 pounds over the middleweight non-title fight limit. His bout proceeded at catchweight and he was fined 20 percent of his purse which went to his opponent former UFC Middleweight Championship challenger Marvin Vettori.
The following fighters received $50,000 bonuses.