The 2003-04 Scottish Third Division was won by Stranraer who, along with Stirling Albion, gained promotion to the Second Division. East Stirlingshire finished bottom.
| P | Team | Pld | W | D | L | GF | GA | GD | Pts | Promotion |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Stranraer | 36 | 24 | 7 | 5 | 87 | 30 | 57 | 79 | Promoted to Second Division 2004-05 |
| 2 | Stirling Albion | 36 | 23 | 8 | 5 | 78 | 27 | 51 | 77 | |
| 3 | Gretna | 36 | 20 | 8 | 8 | 59 | 39 | 20 | 68 | |
| 4 | Peterhead | 36 | 18 | 7 | 11 | 67 | 37 | 30 | 61 | |
| 5 | Cowdenbeath | 36 | 15 | 10 | 11 | 46 | 39 | 7 | 55 | |
| 6 | Montrose | 36 | 12 | 12 | 12 | 52 | 63 | -11 | 48 | |
| 7 | Queen's Park | 36 | 10 | 11 | 15 | 41 | 53 | -12 | 41 | |
| 8 | Albion Rovers | 36 | 12 | 4 | 20 | 66 | 75 | -9 | 40 | |
| 9 | Elgin City | 36 | 6 | 7 | 23 | 48 | 93 | -45 | 25 | |
| 10 | East Stirlingshire | 36 | 2 | 2 | 32 | 30 | 118 | -88 | 8 |
| Scorer | Goals | Team |
|---|---|---|
| Michael Moore | 24 | Stranraer |
| Scott McLean | 21 | Stirling Albion |
| David Graham | 18 | Stranraer |
| Martin Johnston | Peterhead | |
| Paul McManus | Albion Rovers | |
| Martin Cameron | 17 | Gretna |
| Martin Bavidge | 16 | Peterhead |
| Alex Bone | 15 | Elgin City |
| Scott Michie | 13 | Montrose |
| Dene Shields | 12 | Cowdenbeath |
The average attendances for Scottish Third Division clubs for season 2003/04 are shown below:
| Club | Average |
|---|---|
| Stirling Albion | 754 |
| Peterhead | 579 |
| Elgin City | 526 |
| Queen's Park | 516 |
| Stranraer | 513 |
| Gretna | 465 |
| Montrose | 361 |
| Albion Rovers | 348 |
| Cowdenbeath | 306 |
| East Stirling | 278 |
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