The 2003 Scottish Challenge Cup Final was played on 26 October 2003, at McDiarmid Park in Perth and was the 13th staging of the final in the history of the tournament. It was played between Inverness Caledonian Thistle of the First Division and Airdrie United of the Second Division. Inverness Caledonian Thistle emerged winners after defeating Airdrie United 2–0 to win the competition for the first time.