The 2003 NBA Draft was held on June 26, 2003 at The Theater at Madison Square Garden in New York City, New York. In this draft, National Basketball Association (NBA) teams took turns selecting basketball players and other first-time eligible players, such as players from high schools and non-North American leagues. The draft was broadcast on ESPN at 7:30 pm (EDT). The NBA announced that 42 college and high school players and a record 31 international players had filed as early-entry candidates for the 2003 NBA Draft. The Cleveland Cavaliers, who had a 22.50 percent probability of obtaining the first selection, won the NBA Draft Lottery on May 22, and Cleveland chairman Gordon Gund said afterward his team would select LeBron James. The Detroit Pistons and the Denver Nuggets were second and third respectively.

The 2003 Draft is known for having one of the most talented draft pools in draft history. Four of the top five picks are NBA All-Stars and "Redeem Team" Olympic Gold Medalists: Carmelo Anthony, Chris Bosh, Dwyane Wade, and LeBron James. Many players have been in the starting line-ups of their respective teams; eight have already participated in an All-Star Game, Dwyane Wade was named NBA Finals MVP in 2006 and won the NBA All Star Game MVP in 2010, Boris Diaw won the Most Improved Player Award in 2006, Jason Kapono won the three point shootout back to back years in 2007 and 2008, Leandro Barbosa won the Sixth Man Award in 2007, and in the 2009, 2010 and 2012 seasons LeBron James won the NBA Most Valuable Player Award. The 2003 draft class has drawn comparisons to the legendary 1984 and 1996 NBA Draft classes, but is also known for the Detroit Pistons making the controversial selection of Darko Miličić with the second pick over other prospects. As of the 2012 NBA season, only Dwyane Wade and Nick Collison are still with their original teams.

The NBA Draft is an annual event in which the thirty teams from the National Basketball Association (NBA) can draft players who are eligible and wish to join the league. These players are usually amateur U.S. college basketball players, but international players are also eligible to be drafted. College players who have finished their four-year college eligibility are automatically eligible for selection, while the underclassmen have to declare their eligibility and give up their remaining college eligibility. International players who are at least 22 years old are automatically eligible for selection, while the players younger than 22 have to declare their eligibility. Players who are not automatically eligible but have declared their eligibility are often called "early-entrants" or "early-entry candidates". The Draft usually takes place at the end of June, during the NBA off-season. The Draft consists of two rounds with a total of sixty players to be selected.

In the past, high school players were also eligible to be selected. However, starting in the 2006 Draft, high school players were not eligible to enter the draft directly after graduating high school. The rules now state that high school players will gain eligibility for draft selection one year after their high school graduation and they must also be at least 19 years old as of the end of the calendar year of the draft. Contrary to popular belief, they do not necessarily have to have at least one year of college basketball (as some players have chosen to use that year to play professionally in Europe for example).

LeBron Raymone James (/ləˈbrɒn/; born December 30, 1984) is an American professional basketball player for the Miami Heat of the National Basketball Association (NBA). Nicknamed "King James", he was a three-time "Mr. Basketball" of Ohio in high school, and was highly promoted in the national media as a future NBA superstar while a sophomore at St. Vincent – St. Mary High School. He was selected with the number one pick in the 2003 NBA Draft by the Cleveland Cavaliers. Listed as a small forward, James has set numerous youngest player records since joining the league. He was named the NBA Rookie of the Year in 2003–04, was named the NBA Most Valuable Player in 2009, 2010, and 2012 and has been both an All-NBA selection and an All-Star every season since 2005. In 2010, a much-publicized free agency process ended with James signing with the Miami Heat.

James led the Cleveland Cavaliers to consecutive playoff appearances from 2006 through 2010. In 2007, the Cavaliers advanced to the NBA Finals for the first time in franchise history, but lost to the San Antonio Spurs. In 2011, James and the Miami Heat advanced to the NBA Finals but lost to the Dallas Mavericks. James has been a member of the USA national team, winning a bronze medal at the 2004 Olympics and gold at the 2008 Olympics.

Carmelo Kiyan Anthony (born May 29, 1984), nicknamed "Melo", is an American professional basketball player who currently plays for the New York Knicks in the National Basketball Association (NBA). After a successful high school career at Towson Catholic High School and Oak Hill Academy, Anthony attended Syracuse University for college where he led the Orangemen to their first National Championship in 2003. He earned the tournament's Most Outstanding Player award and was named the Most Valuable Player of NCAA East Regional. After one season at Syracuse University, Anthony left college to enter the 2003 NBA Draft, where he was selected as the third pick by the Nuggets. He was traded to the Knicks several days prior to the 2011 trade deadline.

Since entering the NBA, Anthony has emerged as one of the most well-known and popular players in the league. He was named to the All-Rookie team, to the All-Star team five times and to the All-NBA team five times. Anthony led the Nuggets to two division titles and to the playoffs every year from 2004 to 2010. In 2009, he helped the Nuggets advance to the Conference Finals for the first time since 1985. As a member of the USA National Team, Anthony won a bronze medal at the 2004 Olympics and a gold medal at the 2008 Olympics.

Christopher Wesson Bosh (born March 24, 1984) is an American professional basketball player who plays power forward for the Miami Heat in the National Basketball Association (NBA).

A high school "Mr. Basketball" in Texas, Bosh left college at Georgia Tech after one season with the Georgia Tech Yellow Jackets men's basketball team to enter the 2003 NBA Draft. He was selected fourth overall by the Toronto Raptors in a very competitive draft class. While at Toronto, Bosh emerged as one of the young stars in the league; he became a five-time NBA All-Star, was named to the All-NBA second team once, appeared for the US national team (with whom he won a gold medal at the 2008 Olympics), and took over former fan-favorite Vince Carter as the face and leader of the Raptors franchise. In the 2006–07 season, Bosh led the Raptors to their first NBA Playoffs berth in five years, and their first ever division title. He left Toronto as its all-time leader in points, rebounds, blocks, double doubles, free throws made and attempted, and minutes played.