UFC 294: Makhachev vs. Volkanovski 2 was a mixed martial arts event produced by the Ultimate Fighting Championship that took place on October 21, 2023, at the Etihad Arena in Abu Dhabi, United Arab Emirates.

Islam Ramazanovich Makhachev is a Russian professional mixed martial artist and former sambo competitor. He currently competes in the Lightweight division in the Ultimate Fighting Championship (UFC), where he is the current UFC Lightweight Champion. Makhachev has competed professionally since 2010, along with becoming a combat sambo world champion in 2016 and two-time Russian national champion at 74 kg. As of 7 November 2023, he is #1 in the UFC men's pound-for-pound rankings.