The knock out level of the Ranji Trophy, 2002-03 comprised of two different parts, as the top teams from both the Elite and Plate Groups played against each other in their respective knock out matches. The Plate Group teams like Kerala, Madhya Pradesh, Vidarbha and Karnataka played against each other in the Plate Group Semi-Finals and Final match. The teams played with the aim of becoming one of the top two teams in the Plate Group so that they could get the permission to play in the Elite Group in the next year`s edition. On the other hand, the Elite Group teams like Delhi, Tamil Nadu, Baroda and Mumbai played in the Elite Group Semi-Finals and Final for clinching the championship title of the tournament. The Mumbai team played very well throughout the knock out level and eventually became the champion of the tournament by beating the Tamil Nadu team in the Elite Group Final.

The first of the knock out matches in the Ranji Trophy, 2002-03 was the first Semi-Final match of the Plate Group and the match was played between the teams of Kerala and Madhya Pradesh. The two teams played the match at Kochi from 18-21 January, 2003 and the Kerala team won the match with a margin of 68 runs. The Kerala team also advanced to the Final of the Plate Group. The second Semi-Final match of the Plate Group saw the teams of Vidarbha and Karnataka playing against each other at Nagpur from 27-31 January, 2003. The Karnataka team reached the Plate Group Final, by winning this match with a huge margin of 465 runs. Thus, the teams of Kerala and Karnataka locked their horns together in the Final match of the Plate Group in the Ranji Trophy, 2002-03. The match was played at Bangalore from 04-06 March, 2003 and the Karnataka team became the Champion of Plate Group by beating Kerala with a margin of an innings and 11 runs in the Final match. Both the Karnataka and Kerala teams also got the permission to play in the Elite Group of the next year`s Ranji Trophy.

The first Semi-Final match of the Elite Group in the Ranji Trophy, 2002-03 was the fourth of the knock out matches in the Ranji Trophy, 2002-03 and the match was played between the teams of Delhi and Tamil Nadu. The match was held at Delhi from 25-29 April, 2003 and it saw the Tamil Nadu team winning by a margin of 132 runs for entering into the Final of the Elite Group. The teams of Baroda and Mumbai met with each other in the second Semi-Final match of the Elite Group in the Ranji Trophy, 2002-03 and the match took place at Vadodara from 25-29 April, 2003. The Mumbai team beat the Baroda team with a huge margin of an innings and 138 runs in the match and set up a clash with the Tamil Nadu team in the Final. Thus, the Final match of the Elite Group in the Ranji Trophy, 2002-03 saw the teams of Mumbai and Tamil Nadu playing against each other at Mumbai from 04-08 May, 2003. Playing very well in the match, the Mumbai team clinched a victory of 141 runs for winning the match as well as the championship title.