The Stanley Cup champions were the Tampa Bay Lightning, who won the best of seven series four games to three against the Calgary Flames.
The existing NHL collective bargaining agreement (CBA) between the league and the players was set to expire in September 2004.
The 2003 NHL Entry Draft was held on June 21–22, 2003 at the Gaylord Entertainment Center in Nashville, Tennessee.
The Heritage Classic, the first NHL regular season game to be played outdoors, was held on November 22, 2003, at Commonwealth Stadium in Edmonton, Alberta.
Entering the season, the two Stanley Cup favorites were the Ottawa Senators in the Eastern Conference, who had won the Presidents' Trophy and come within a win of the Stanley Cup Finals the year before, and the Colorado Avalanche in the Western Conference, who, despite losing legendary goaltender Patrick Roy to retirement, added both Teemu Selanne and Paul Kariya to an already star-studded lineup.
The Los Angeles Kings failed to make the playoffs in large part due to a season-ending 11-game losing streak.
The end of the season saw two of the most extensive housecleanings in League history, as the Rangers and Capitals traded away many of their stars and entered "rebuilding mode."
The Calgary Flames ended a seven-year playoff drought backed by the solid play of Miikka Kiprusoff, and the Boston Bruins won the Northeast Division by a whisker over the Toronto Maple Leafs with the help of eventual Calder Memorial Trophy-winning goaltender Andrew Raycroft.
Goaltending was also the story of the Presidents' Trophy-winning Detroit Red Wings as the return from retirement of legend Dominik Hasek bumped Curtis Joseph to the minor leagues.
At the same time, long-time back up Manny Legace recorded better numbers than both veterans and won the starting job in the playoffs.
Of note is the fact that the Nashville Predators made the playoffs for the first time in franchise history, though they were dispatched by a star-studded Detroit Red Wings team in the first round.
The regular season ended controversially, when in March 2004, the Vancouver Canucks' Todd Bertuzzi infamously attacked and severely injured the Colorado Avalanche's Steve Moore, forcing the latter eventually to retire.
The two conference winners then advanced to the Stanley Cup Finals, where home ice advantage was awarded to the team that had the better regular season record.
ESPN then aired the first two games of the Stanley Cup Finals before the rest of the series shifted to ABC.