• Great Britain unless stated.

The public gambled an estimated £200 million on the outcome of the race^[5] but no clear favourite emerged as four horses started off as joint-favourites.^[3]

2002 National winner Bindaree was one of the 10–1 joint-favourites after winning the Welsh National at Chepstow in the last December. He had also run well to finish second over one circuit of the Aintree course in the Becher Chase in November where he had been beaten another joint-favourite, Clan Royal. The inexperienced Jurancon II also attracted public attention after being chosen as the ride of champion jockey Tony McCoy having won the Red Square Vodka Gold Cup in February, and Joss Naylor completed the quartet after finishing second in the Hennessy Cognac Gold Cup in November. Hedgehunter was 11–1, the 2001 Irish Grand National winner David's Lad was 12/1, and 2003 National winner Monty's Pass was also among the leading fancies at 20/1.

Alexander Banquet led the field over Melling Road towards the first fence, were Artic Jack was a faller and Kelami was brought down by the fall of Luzcadou. Alcapone led the field onto the next fences before Beecher's Brook. At the third fence which was the first open ditch Shardam blundered and unseated its rider, when chasing the leaders. At the next fence one of the joint favourites Jurancon II fell in mid division. There was no fallers at the fifth fence. At Beecher's Brook the loose horse Shardam caused pandemonium when badly hampering and causing the fall of Akarus, who brought down Montreal, Bindaree and What's Up Boys. Bounce Back also fell, Risk Accessor unseated its rider as did Skycab who was badly hampered. Bramblehill Duke and Blowing Wind both refused the fence. The horses still running managed to negotiate the Foinavon and Canal Turn fence safely. Exit to Wave was pulled up towards the rear of the field before Valentine's Brook. Hedgehunter followed by Puntal and Lord Atterbury led them towards The Chair, where Takagi blundered and unseated its rider. Mantle's Prince tailed off and was pulled up at the Water Jump. Twenty two horses were still left standing as they began the second circuit of the course with one of the joint favourites Joss Naylor at the back the field. At the 18th fence Alexander Banquet fell and Southern Star was pulled up. The 19th fence which was an open ditch claimed Puntal who unseated its rider while just behind the leaders, where Clan Royal blundered and made a mistake. Joss Naylor tailed off and was pulled up. At the next fence Gunner Welburn was pulled up. Onto Beecher's Brook second time where Le Coudray fell, after this fence was Foinavon which saw Just In Debt who unseated its rider after being hampered by a loose horse when behind. Alcapone was pulled up at 25th fence after weakening, Wonder Weasel was pulled up 3 out after tailing off. Two fences from the finish Clan Royal, Lord Atterbury and Hedgehunter gained a lead of a couple of lengths from Amberleigh House in fourth. Clan Royal led over the last ahead of Lord Atterbury and Hedgehunter who fell. As they went up the run-in Clan Royal wandered to the left after his rider Liam Cooper had lost his whip earlier in the race, at the elbow Clan Royal still held the lead from Lord Atterbury and Amberleigh House who had joined the two. Amberleigh House stayed on well to lead the final 100 yards of the race and win by 3 lengths from Clan Royal in 2nd followed by Lord Atterbury in 3rd, nearly 30 lengths ahead of Monty's Pass and Spot Thedifference in 4th and 5th respectively. Behind these were Smarty, Ardent Scout, Bear on Board, Kingsmark, The Bunny Boiler and last to complete David's Lad. Eleven horses completed the race.

The race was covered live on television and radio by the BBC, in accordance with the Ofcom Code on Sports and Other Listed and Designated Events, for the 46th consecutive year. The coverage was also syndicated globally and broadcast on the Internet for the first time to UK subscribers on the BBC website.^[1] The television coverage was presented by Claire Balding and Sue Barker. The race commentary team consisted of Ian Bartlett, Tony O'Hehir, Darren Owen and lead commentator Jim McGrath, who called the runners home for the seventh year. After the race Lydia Hislop, Richard Pitman, Peter Scudamore and Norman Williamson talked the viewers through a full re-run of the race.

Both Bartlett and Owen were covering their first Grand National on television after the retirement of John Hanmer; Bartlett had previously been part of the radio commentary team. This was also the first time since 1967 that the race was commentated on by a team of four rather than three.

Racing UK provided its own coverage of the race to bookmakers' outlets across the country. The BBC also broadcast radio commentary of the race on national radio for the 74th year as part of its Radio Five Saturday sports show.

All of the leading daily newspapers in the United Kingdom ran centre spread pullouts of various sizes with colour guides and profiles of all the runners, while office sweepstake kits were printed by three major dailys during the week prior to the race.

Carl Llewellyn was the most experienced rider in the race, being only the twelfth man to weigh out for the fourteenth time for a Grand National.

Six riders made their debut in the race with Andrew Tinkler and Ross Geraghty completing the course. James Barry, Bobby McNally, James Davies and Joey Elliott failed to reach the finishing post.