Excited states of the nucleus Xe-123 have been investigated with the fusion-evaporation-reaction Pd-110(O-18,5n)Xe-123 at 86 MeV beam energy, using the compton-suppressed NORDBALL-multidetector-system at the Niels-Bohr-Institute in Riser, Denmark. The level scheme of Xe-123 was extended up to a level of tentative 53/2(+)(h) over bar. Four excited bands of 3-quasiparticle-character were observed. Analyzing the directional correlation information, we could assign spin-and parity-values to all observed bands in Xe-123. The observed band structures fit well into systematics of the neighboring nuclei Xe-125 and Xe-127.