| Competition: | First League of Serbia and Montenegro |
| Season: | 2003–04 |
| Winners: | Red Star 24th domestic title |
| Relegated: | Budućnost (BD) Napredak Kruševac Radnički Obrenovac Kom |
| Continentalcup1: | Champions League |
| Continentalcup1 Qualifiers: | Red Star |
| Continentalcup2: | UEFA Cup |
| Continentalcup2 Qualifiers: | Partizan Železnik Budućnost (BD) |
| Continentalcup3: | Intertoto Cup |
| Continentalcup3 Qualifiers: | OFK Beograd Sartid |
| League Topscorer: | Nikola Žigić (19) |
| Matches: | 240 |
| Total Goals: | 584 |
| Prevseason: | 2002–03 |
| Nextseason: | 2004–05 |
The 2003–04 First League of Serbia and Montenegro was the second and first full season of the Serbia and Montenegro's top-level football league since its establishment. It was contested by 16 teams, and Red Star Belgrade won the championship.
Rad, Čukarički, Javor Ivanjica, Rudar, Mogren and Radnički Niš were relegated to the 2003–04 Second League of Serbia and Montenegro.
The relegated teams were replaced by 2002–03 Second League of Serbia and Montenegro east, west, south and north champions Budućnost Banatski Dvor, Napredak Kruševac, Kom and Borac Čačak.
| Club | City | Stadium | Capacity |
|---|---|---|---|
| Partizan | Belgrade | Partizan Stadium | 32,710 |
| Red Star | Belgrade | Red Star Stadium | 55,538 |
| Vojvodina | Novi Sad | Karađorđe Stadium | 17,204 |
| Zemun | Zemun, Belgrade | Zemun Stadium | 10,000 |
| Hajduk Kula | Kula | Stadion Hajduk | 6,000 |
| Obilić | Belgrade | FK Obilić Stadium | 4,500 |
| Železnik | Belgrade | Železnik Stadium | 8,000 |
| OFK Beograd | Karaburma, Belgrade | Omladinski Stadium | 20,000 |
| Sartid | Smederevo | Smederevo City Stadium | 17,200 |
| Sutjeska | Nikšić | Gradski stadion (Nikšić) | 10,800 |
| Zeta | Golubovci | Stadion Trešnjica | 7,000 |
| Radnički Obrenovac | Obrenovac | Stadion pored Kolubare | 5,000 |
| Budućnost | Banatski Dvor | Stadion Mirko Vučurević | 4,000 |
| Borac | Čačak | Čačak Stadium | 6,000 |
| Napredak | Kruševac | Stadion Mladost | 10,811 |
| Kom | Podgorica | Stadion Zlatica | 3,000 |
Champions: Red Star Belgrade (Coach: Slavoljub Muslin)
Players (league matches/league goals)
Jadranko Bogičević
Bojan Djordjic
Marko MuslinSource:[1]