The 2003–04 Milwaukee Panthers men's basketball team represented the University of Wisconsin–Milwaukee during the 2003–04 NCAA Division I men's basketball season.

The Panthers, led by 3rd-year head coach Bruce Pearl, played their home games at the U.S. Cellular Arena and were members of the Horizon League.

Seeded first, the Panthers won their first game in the semifinals of the Horizon League tournament before they lost in the final game to UIC.

They received an automatic bid to the 2004 NIT due to being a regular season conference champion that did not receive an invite to the NCAA Tournament.

In the NIT the Panthers defeated Rice by a score of 91-63 in the opening round before falling to Boise State in the 1st Round by a score of 73-70.