| Jornada 1 | 31-08-2003 | RAYO VALLEC. | 0 | LEVANTE | 2 |
| Jornada 2 | 10-09-2003 | XEREZ | 0 | RAYO VALLEC. | 0 |
| Jornada 3 | 14-09-2003 | RAYO VALLEC. | 3 | POLI.EJIDO | 1 |
| Jornada 4 | 21-09-2003 | TERRASA | 1 | RAYO VALLEC. | 2 |
| Jornada 5 | 28-09-2003 | CADIZ | 1 | RAYO VALLEC. | 0 |
| Jornada 6 | 05-10-2003 | RAYO VALLEC. | 1 | ELCHE | 2 |
| Jornada 7 | 12-10-2003 | LEGANES | 1 | RAYO VALLEC. | 1 |
| Jornada 8 | 19-10-2003 | RAYO VALLEC. | 2 | NUMANCIA | 5 |
| Jornada 9 | 26-10-2003 | CIUDAD MURCIA | 2 | RAYO VALLEC. | 1 |
| Jornada 10 | 02-11-2003 | RAYO VALLEC. | 0 | EIBAR | 1 |
| Jornada 11 | 09-11-2003 | TENERIFE | 2 | RAYO VALLEC. | 1 |
| Jornada 12 | 16-11-2003 | RAYO VALLEC. | 2 | SPORTING GIJON | 1 |
| Jornada 13 | 23-11-2003 | ALMERIA | 1 | RAYO VALLEC. | 2 |
| Jornada 14 | 30-11-2003 | RAYO VALLEC. | 2 | MALAGA B | 1 |
| Jornada 15 | 07-12-2003 | GETAFE | 3 | RAYO VALLEC. | 1 |
| Jornada 16 | 14-12-2003 | RAYO VALLEC. | 1 | ALAVES | 2 |
| Jornada 17 | 21-12-2003 | ALGECIRAS | 1 | RAYO VALLEC. | 1 |
| Jornada 18 | 04-01-2004 | RAYO VALLEC. | 1 | RECREATIVO | 2 |
| Jornada 19 | 11-01-2004 | CORDOBA | 2 | RAYO VALLEC. | 3 |
| Jornada 20 | 18-01-2004 | RAYO VALLEC. | 1 | SALAMANCA | 1 |
| Jornada 21 | 25-01-2004 | LAS PALMAS | 1 | RAYO VALLEC. | 0 |
| Jornada 22 | 01-02-2004 | LEVANTE | 3 | RAYO VALLEC. | 1 |
| Jornada 23 | 08-02-2004 | RAYO VALLEC. | 2 | XEREZ | 1 |
| Jornada 24 | 15-02-2004 | POLI.EJIDO | 1 | RAYO VALLEC. | 0 |
| Jornada 25 | 22-02-2004 | RAYO VALLEC. | 1 | TERRASA | 0 |
| Jornada 26 | 29-02-2004 | RAYO VALLEC. | 2 | CADIZ | 0 |
| Jornada 27 | 07-03-2004 | ELCHE | 2 | RAYO VALLEC. | 1 |
| Jornada 28 | 14-03-2004 | RAYO VALLEC. | 0 | LEGANES | 0 |
| Jornada 29 | 21-03-2004 | NUMANCIA | 1 | RAYO VALLEC. | 0 |
| Jornada 30 | 28-03-2004 | RAYO VALLEC. | 2 | CIUDAD MURCIA | 0 |
| Jornada 31 | 04-04-2004 | EIBAR | 5 | RAYO VALLEC. | 0 |
| Jornada 32 | 11-04-2004 | RAYO VALLEC. | 1 | TENERIFE | 1 |
| Jornada 33 | 18-04-2004 | SPORTING GIJON | 3 | RAYO VALLEC. | 1 |
| Jornada 34 | 25-04-2004 | RAYO VALLEC. | 1 | ALMERIA | 1 |
| Jornada 35 | 02-05-2004 | MALAGA B | 2 | RAYO VALLEC. | 1 |
| Jornada 36 | 09-05-2004 | RAYO VALLEC. | 1 | GETAFE | 2 |
| Jornada 37 | 16-05-2004 | ALAVES | 3 | RAYO VALLEC. | 0 |
| Jornada 38 | 23-05-2004 | RAYO VALLEC. | 2 | ALGECIRAS | 2 |
| Jornada 39 | 30-05-2004 | RECREATIVO | 0 | RAYO VALLEC. | 0 |
| Jornada 40 | 06-06-2004 | RAYO VALLEC. | 2 | CORDOBA | 0 |
| Jornada 41 | 13-06-2004 | SALAMANCA | 1 | RAYO VALLEC. | 1 |
| Jornada 42 | 20-06-2004 | RAYO VALLEC. | 1 | LAS PALMAS | 2 |