For the first time in its history, the VFA introduced an annual finals series to determine the premiership.

The premiership was won by the North Melbourne Football Club, after defeating Richmond in the challenge final; it was the first premiership in the club's history, after having competed in the Association since its inaugural season in 1877.

The size of the association was increased from nine to ten teams in 1903, with the Preston Football Club – which had won the previous three Victorian Junior Football Association premierships – elevated to senior level and admitted to the competition.

[1] The Association introduced a finals system to determine the major premiership for the season.

Finals had been used by the rival Victorian Football League since its establishment in 1897, but this was the first time it had been used by the Association.