The defending champions were Queen of the South, who defeated Brechin City 2–0 in the 2002 final.
Queen of the South were eliminated in the first round after defeat against Stranraer The final was played on 26 October 2003, between Inverness Caledonian Thistle and Airdrie United at McDiarmid Park, Perth.
Inverness Caledonian Thistle won 2–0, to claim their first 'major' cup.
Berwick Rangers and Dumbarton received random byes into the second round.
Source: ESPN Soccernet Archived 26 October 2012 at the Wayback Machine Source: ESPN Soccernet Archived 26 October 2012 at the Wayback Machine