23. Distribute five different prizes to three students, with each student receiving at least one prize. Then there are ( ) different ways of distribution.
(A) 120
(B) 150
(C) 180
(D) 210
(E) 240
23. B.

If there is no restriction of "each student must receive at least one prize," there are $3^{5}=243$ different ways to distribute the prizes.

Now consider the cases that do not meet the requirement, i.e., at least one person does not receive a prize.

If a certain student does not receive a prize, there are $2^{5}=32$ ways.

Since there are three students, there are $3 \times 32=96$ ways in total, where the cases where exactly two students do not receive a prize are counted repeatedly, and the method where two specific students do not receive a prize is only 1 way, and there are 3 ways to choose two students out of three. Thus, there are $1 \times 3=3$ ways.
Therefore, the number of ways that meet the requirement is
$$
243-96+3=150 \text {. }
$$