| Season | 2003–04 |
|---|---|
| Champions | SC Espinho |
| Promoted |
SC Espinho Gondomar SC SC Olhanense |
| Relegated | 12 teams |
|
← 2002–03
2004–05 →
|
|
The 2003–04 Segunda Divisão season was the 70th season of the competition and the 54th season of recognised third-tier football in Portugal.
The league was contested by 59 teams in 3 divisions with SC Espinho, Gondomar SC and SC Olhanense winning the respective divisional competitions and gaining promotion to the Liga de Honra. The overall championship was won by SC Espinho.