The final was held on April 13, in Charleroi, Belgium, between Real Madrid and Hapoel Jerusalem, the latter winning it by a score of 83–72.

For the first time teams from Israel, Lithuania, Greece, Latvia, Bulgaria, Poland, Austria and England joined the competition which was undisputedly considered now the 2nd tier of European club basketball.

The 2003–04 ULEB Cup featured a total of 36 teams, divided into six groups of six.

Two teams from each group advanced to the knockout stage (eighth-finals).

Four teams with best third place records in their respective groups also advanced to the knockout stage.