The 2003–04 season was the 118th season in the history of Luton Town Football Club, and club's 83rd consecutive year in The Football League. Luton finished in tenth place, a surprising success considering the financial issues that afflicted the club. Despite being placed in administrative receivership for the majority of the season following a turbulent change of ownership and having a rigorous transfer embargo imposed as a result, signing players only with The Football League's special dispensation, the club accrued more points than in the previous campaign.

The lack of spending power meant that numerous youth team players were promoted to the first-team squad, such as Kevin Foley, Curtis Davies, Keith Keane, and Leon Barnett; as well as players with no previous professional football experience, like Enoch Showunmi. These players would go on to form a crucial part of the Luton side in later years.

This article covers the period from 1 July 2003 to 30 June 2004.

The previous season had seen consolidation for Luton after their drop into the basement division of English league football in 2001, with the club finishing the 2002–03 season in ninth place. Stability did not last for long, however, as the end of the season saw controversy erupt after an unidentified consortium gained control of the club, later revealed to be headed by businessman John Gurney.

Gurney’s first act was the sacking of successful managerial duo Joe Kinnear and Mick Harford, subsequently followed by a phone-poll to determine the next manager. Former Luton player and Hartlepool United manager Mike Newell was announced as the winner on 23 June 2003, though it is widely believed that Kinnear accumulated the most votes, only to reject a return to the club as he refused to work with Gurney.

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