Risto Ryti's first cabinet was the 23rd government of Republic of Finland. Cabinet's time period was from December 1, 1939, to March 27, 1940. It was Majority government.
| Minister | Period of office | Party |
|---|---|---|
| Prime Minister Risto Ryti |
December 1, 1939 – March 27, 1940 | National Progressive Party |
| Minister for Foreign Affairs Väinö Tanner |
December 1, 1939 – March 27, 1940 | Social Democratic Party of Finland |
| Minister of Justice Johan Otto Söderhjelm |
December 1, 1939 – March 27, 1940 | Swedish People's Party |
| Minister of Interior Ernst von Born |
December 1, 1939 – March 27, 1940 | Swedish People's Party |
| Minister of Defence Juho Niukkanen |
December 1, 1939 – March 27, 1940 | Agrarian League |
| Minister of Finance Mauno Pekkala |
December 1, 1939 – March 27, 1940 | Social Democratic Party of Finland |
| Minister of Education Uuno Hannula |
December 1, 1939 – March 27, 1940 | Agrarian League |
| Minister of Agriculture Pekka Heikkinen |
December 1, 1939 – March 27, 1940 | Agrarian League |
| Deputy Minister of Agriculture Juho Koivisto |
December 1, 1939 – March 27, 1940 | Agrarian League |
| Minister of Transport and Public Works Väinö Salovaara |
December 1, 1939 – March 27, 1940 | Social Democratic Party of Finland |
| Minister of Trade and Industry Väinö Kotilainen |
December 1, 1939 – March 27, 1940 | Independent |
| Minister of Social Affairs Karl-August Fagerholm |
December 1, 1939 – March 27, 1940 | Social Democratic Party of Finland |
| Minister of People's Service Rainer von Fieandt |
December 1, 1939 – March 27, 1940 | Independent |
| Minister without Portfolio Juho Kusti Paasikivi |
December 1, 1939 – March 27, 1940 | National Coalition Party |