2003–04 First League of Serbia and Montenegro
The 2003–04 First League of Serbia and Montenegro was the second and first full season of the Serbia and Montenegro's top-level football league since its establishment. It was contested by 16 teams, and Red Star Belgrade won the championship.Teams
, Čukarički, Javor Ivanjica, Rudar, Mogren and Radnički Niš were relegated to the 2003–04 Second League of Serbia and Montenegro.
The relegated teams were replaced by 2002–03 Second League of Serbia and Montenegro east, west, south and north champions Budućnost Banatski Dvor, Napredak Kruševac, Kom and Borac Čačak.
| Club | City | Stadium | Capacity |
| Partizan | Belgrade | Partizan Stadium | 32,710 |
| Red Star | Belgrade | Red Star Stadium | 55,538 |
| Vojvodina | Novi Sad | Karađorđe Stadium | 17,204 |
| Zemun | Zemun, Belgrade | Zemun Stadium | 10,000 |
| Hajduk Kula | Kula | Stadion Hajduk | 6,000 |
| Obilić | Belgrade | FK Obilić Stadium | 4,500 |
| Železnik | Belgrade | Železnik Stadium | 8,000 |
| OFK Beograd | Karaburma, Belgrade | Omladinski Stadium | 20,000 |
| Sartid | Smederevo | Smederevo City Stadium | 17,200 |
| Sutjeska | Nikšić | Gradski stadion | 10,800 |
| Zeta | Golubovci | Stadion Trešnjica | 7,000 |
| Radnički Obrenovac | Obrenovac | Stadion pored Kolubare | 5,000 |
| Budućnost | Banatski Dvor | Stadion Mirko Vučurević | 4,000 |
| Borac | Čačak | Čačak Stadium | 6,000 |
| Napredak | Kruševac | Stadion Mladost | 10,811 |
| Kom | Podgorica | Stadion Zlatica | 3,000 |
League table
Results
Champions
Red Star Belgrade
Players
