The 2002-2003 Tennessee basketball team finished with a record of 17-12, going 9-7 in the SEC MBB East and placing fourth in the division. The team was coached by Buzz Peterson.

The Volunteers averaged 68.3 points per game, which ranked 206th out of 327 Division I teams. On the defensive end, they allowed 66.3 points per game, which was 85th in the nation. The team's strength of schedule (SOS) was 7.88, which ranked 33rd in Division I. Although the team did not make it to the NCAA Tournament, they were invited to the NIT, where they advanced to the second round before being eliminated.