2002–03 Watford F.C. season

The 2002–03 season marked Watford Football Club's third consecutive season in the Football League First Division, following relegation from the Premier League in the 1999–2000 season. The club was managed by its former reserve team manager Ray Lewington, following the dismissal of Gianluca Vialli at the end of 2001–02. The club finished 13th in the First Division, reached the semi-final of the FA Cup, and were eliminated in the first round of the League Cup. Watford were operating under severe financial constraints following the collapse of ITV Digital, and at the end of the season were forced to offload several first-team players, including Tommy Smith, Gifton Noel-Williams, Stephen Glass, and record signing Allan Nielsen.