In the Madrid Masters semifinal, Juan Carlos Ferrero beat Roger Federer 6:4, 4:6, 6:4. After losing the second set, Ferrero took the deciding set and advanced to the final.
The other semifinal ended with Nicolás Massú beating Younes El Aynaoui 7:5, 6:4. Massú advanced to the final without dropping a set.
In the final, Juan Carlos Ferrero beat Nicolás Massú 6:3, 6:4, 6:3 to become the 2003 Madrid Masters champion. Like the semifinals, the deciding match was played on hard court.