The 2003–04 season was Port Vale's 92nd season of football in the Football League, and fourth successive season (41st overall) in the Second Division. Brian Horton resigned in February, and was replaced by Martin Foyle. Vale fought for promotion, but finished outside the play-off zone on goal difference. In the FA Cup, Vale narrowly avoided humiliation by beating non-league Ford United after the replay went to extra-time. However Vale exited at the Second Round with defeat to Conference club Scarborough, who also knocked the Vale out of the League Trophy at the First Round. Vale also left the League Cup at the First Round stage. Stephen McPhee was Player of the Year and top-scorer with 27 goals, but he left the club at the end of the season to play abroad. Financial problems still hounded the club, and Chairman Bill Bratt was desperate to attract investment from fans, though he was unwilling to allow one person to have more than 50% of the club's shares.

The pre-season saw Brian Horton bring in three key players on free transfers: George Pilkington (Everton);Jonny Brain (Newcastle United); and Austrian Andreas Lipa (Skoda Xanthi). Meanwhile, promising keeper Mark Goodlad began a lengthy period of time on the sidelines with injuries. Optimism surrounded the club, after the rebuilding of the new squad appeared to had finished after the break-up of the club's previous team due to financial troubles.

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