The 2002–03 Austin Peay Governors basketball team represented Austin Peay State University during the 2002–03 NCAA Division I men's basketball season.

The Governors, led by 13th year head coach Dave Loos, played their home games at the Dunn Center and were members of the West Division of the Ohio Valley Conference.

They finished the season 23–8, 13–3 in OVC play.

They won the OVC tournament to earn the conference's automatic bid to the NCAA tournament.

13 seed in the South region, they lost to No.