State Road 203 (NM 203) is a 10.3-mile-long (16.6 km) state highway in the US state of New Mexico.

NM 203's western terminus is at County Route 3 (CR 3) at the De Baca/ Guadalupe county line west-northwest of Lake Sumner, and the eastern terminus is at U.S. Route 84 (US 84) north of Fort Sumner.

The entire route is in De Baca County.