The 2003–04 Murray State Racers men's basketball team represented Murray State University during the 2003–04 NCAA Division I men's basketball season.

The Racers, led by first-year head coach Mick Cronin, played their home games at Racer Arena in Murray, Kentucky, as members of the Ohio Valley Conference.

They finished the season 28–6, 14–2 in OVC play to win the OVC regular season title.

They defeated Austin Peay to win the OVC tournament to advance to the NCAA tournament.

12 seed in the South region, the Racers were beaten by No.