diff --git a/django/db/models/query.py b/django/db/models/query.py
index 9371aa14e00..6dbca8369a4 100644
--- a/django/db/models/query.py
+++ b/django/db/models/query.py
@@ -2,7 +2,7 @@
 The main QuerySet implementation. This provides the public API for the ORM.
 """
 
-from collections import deque
+from collections import deque, OrderedDict
 import copy
 import sys
 import warnings
@@ -786,27 +786,29 @@ class QuerySet(object):
         Return a query set in which the returned objects have been annotated
         with data aggregated from related fields.
         """
+        aggrs = OrderedDict()  # To preserve ordering of args
         for arg in args:
             if arg.default_alias in kwargs:
                 raise ValueError("The named annotation '%s' conflicts with the "
                                  "default name for another annotation."
                                  % arg.default_alias)
-            kwargs[arg.default_alias] = arg
+            aggrs[arg.default_alias] = arg
+        aggrs.update(kwargs)
 
         names = getattr(self, '_fields', None)
         if names is None:
             names = set(self.model._meta.get_all_field_names())
-        for aggregate in kwargs:
+        for aggregate in aggrs:
             if aggregate in names:
                 raise ValueError("The annotation '%s' conflicts with a field on "
                     "the model." % aggregate)
 
         obj = self._clone()
 
-        obj._setup_aggregate_query(list(kwargs))
+        obj._setup_aggregate_query(list(aggrs))
 
         # Add the aggregates to the query
-        for (alias, aggregate_expr) in kwargs.items():
+        for (alias, aggregate_expr) in aggrs.items():
             obj.query.add_aggregate(aggregate_expr, self.model, alias,
                 is_summary=False)
 
diff --git a/tests/aggregation_regress/tests.py b/tests/aggregation_regress/tests.py
index 4955573161c..1e2564ea444 100644
--- a/tests/aggregation_regress/tests.py
+++ b/tests/aggregation_regress/tests.py
@@ -740,6 +740,17 @@ class AggregationTests(TestCase):
             list(qs), list(Book.objects.values_list("name", flat=True))
         )
 
+    def test_values_list_annotation_args_ordering(self):
+        """
+        Annotate *args ordering should be preserved in values_list results.
+        **kwargs comes after *args.
+        Regression test for #23659.
+        """
+        books = Book.objects.values_list("publisher__name").annotate(
+            Count("id"), Avg("price"), Avg("authors__age"), avg_pgs=Avg("pages")
+            ).order_by("-publisher__name")
+        self.assertEqual(books[0], ('Sams', 1, 23.09, 45.0, 528.0))
+
     def test_annotation_disjunction(self):
         qs = Book.objects.annotate(n_authors=Count("authors")).filter(
             Q(n_authors=2) | Q(name="Python Web Development with Django")