2003–04 Panathinaikos F.C. season

In the 2003–04 season Panathinaikos played for 45th consecutive time in Greece's top division, Alpha Ethniki. They also competed in UEFA Champions League, UEFA Cup and Greek Cup.

First-team squad

 * Squad at end of season

Second Round
Panathinaikos qualified to the Round of 16 without a match.