The defending champions were Inverness Caledonian Thistle, who defeated Airdrie United 2–0 in the 2003 final.
Inverness Caledonian Thistle did not compete in the tournament after being promoted to the Scottish Premier League.
The final was played on 7 November 2004, between Falkirk and Ross County, at McDiarmid Park, Perth.
Clyde and Stranraer 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