In front of the home crowd, Canada won the 5th edition of the FINA Junior Women's Water Polo World Championships, which took place in Calgary from August 23-31, 2003. In a very emotive final, the Canadians beat USA by 8-7, after being more successful in the penalty shootout (3-3 at the end of regular time). The Americans had won the 2001 edition of the championships, while Canada conquered the silver medal in 1999.

In the bronze-medal match, Spain won its first medal at this level, beating Russia 9-7.

Regarding the best players of the tournament, the "All-Star" team was voted as follows: Rachel Riddell (CAN), Krystina Alogbo (CAN), Moriah van Norman (USA), Blanca Gil (ESP), Olga Turova (RUS), Amy Hetzel (AUS) and Kelly Rulon (USA). Furthermore, Germans Barbara Bujka and Monika Kruszona were the best scorers of the competition, with 23 goals each.

The final ranking of the 5th FINA Junior Women's Water Polo World Championships was as follows:

 1. Canada
 2. USA
 3. Spain
 4. Russia
 5. Germany
 6. Australia
 7. Netherlands
 8. Brazil
 9. Czech Republic
10. Greece
11. New Zealand
12. Mexico
13. France
14. Switzerland