A thorough examination of the level structure of 223Ra provides evidence that leads to an extensive re-evaluation of spin assignments and hence band structure. Altogether six bands corresponding to three parity-coupled pairs are identified and the interpretation of the data suggests that this N = 135 nucleus may possess an octupole deformation.Results from a-y and y-y directional correlations and y-ray directional distribution measurements were combined and, together with internal conversion coefficient (ICC) data, give unique spin-parity assignments to most levels. A continuously purified source was used to make unambiguous y-ray assignments. Level half-lives were obtained from recoil distance and Doppler methods.The results show that the ground state is 3/2+. Parity doublets were identified as {3/2+(0 keV), 3/2-(50.1 keV)}, {1/2+(286.1 keV), 1/2-(350.5 keV)} and {5/2+(324.8 keV), 5/2-(369.3 keV)}. The multipole mixing ratios of many of the stronger y-ray transitions were determined and also the amplitudes and relative phases of the angular momentum components carried by the a decays.The band structure is interpreted within the framework of calculations using the Strutinski shell-correction method with a single-particle level scheme obtained with a Woods-Saxon mean field. The minimisation procedure for the total energy is achieved in a multideformation space including higher-order multipolarity deformations up to I. = 7. The importance of higher-order multipolarity deformation parameters is underlined.