The 2003–04 season was Sport Lisboa e Benfica's 100th season in existence and the club's 70th consecutive season in the top flight of Portuguese football. It ran from 1 July 2003 to 30 June 2004. Benfica competed domestically in the Primeira Liga and the Taça de Portugal. The club also participated in the UEFA Champions League as a result of finishing second in the Primeira Liga in the previous season.

After José Antonio Camacho led Benfica to second place, the club offered him a new two-year contract as manager in June. As a condition to renewing the contract, Camacho requested that the club sign more established players, but budget restraints allowed for limited investment. After several unsuccessful player bids, Benfica added Luisão to the squad and re-signed Geovanni in August. Because their second-place finish only granted a berth in the third qualifying round of the UEFA Champions League, Benfica had to play Lazio for a spot in the group stage. They lost both legs and were relegated to the UEFA Cup.

Domestically, Benfica began the league campaign with five points in four games, losing ground in the league race. They improved in subsequent games, but dropped points two more times, including at the official opening of the new Estádio da Luz. January was a difficult month for Benfica as they lost the Derby de Lisboa with Sporting, and on 25 January witnessed the death of club player—Miklós Fehér—in the middle of a game. In February and March, the team fluctuated between winning and losing streaks, including knocking out Rosenborg and losing to Inter Milan in the UEFA Cup.

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