It was the 6th annual grand final of the Victorian Football League, staged to determine the premiers for the 1903 VFL season.

The match, attended by 32,263 spectators, was won by Collingwood by a margin of two points, marking that club's second successive premiership victory.

Gerald Brosnan had a chance to win Fitzroy the premiership with a set shot for goal off the last kick of the game but missed narrowly to give Collingwood back-to-back flags.

Both Ern Jenkins and Bert Sharpe of Fitzroy were celebrating their 100th VFL games.

By virtue of their records, neither club could lose the match and still finish with a better win–loss record than the other; and therefore under the first amended Argus system, there was no chance for a challenge grand final and it was known from the opening bounce that this match would be decisive for the premiership.