The 48th Filmfare Award event was held in Mumbai on February 21, 2003. Actor Shah Rukh Khan and Saif Ali Khan together hosted the show. Sanjay Leela Bhansali’s film ‘Devdas’ dominated the award category. It won ten popular awards in the different category. Two other films ‘Company’ and ‘Saathiya’ had won six awards for each in a different category. Actor Jeetendra and Rekha received the Filmfare Lifetime Achievement award. Celebrities like Shah Rukh Khan, Madhuri Dixit, Ajay Devgan, Mani Ratnam, Aishwarya Rai, Ajay Devgan, Manisha Koirala and Vivek Oberoi stole the limelight in the award ceremony. Sanjay Leela Bhansali won the best director of the year.
‘Devdas’ fetched Sanjay Leela Bhansali also the best film award. Actor Shah Rukh, Aishwarya Rai and Madhuri Dixit won the best actor, best actress and 'best-supporting-actress' role for their performances for ‘Devdas’. Vivek Oberoi won the best supporting actor trophy for his brilliant performance in Ram Gopal Varma’s film ‘Company’. Paresh Rawal won the best comedian trophy for the movie 'Awara Paagal Deewana'. Ajay Devgan won the best villain trophy for his negative character in the film 'Deewangee'. Vivek Oberoi also won the best male debut of the year award for the film ‘Company’ and Esha Deol won the best female debut award in female category for the film ‘Koi Mere Dil Se Pooche’.
The film ‘Company’ also bagged the best story award for Jaideep Sahni. The best dialogue writer trophy was shared together by Gulzar for the film ‘Saathiya’ and Jaideep Sahni for film 'Company'. Mani Ratnam won the best screenplay award for 'Saathiya'. The film 'Saathiya’ won best music composer trophy for A. R. Rahman, the best lyricist award for Gulzar for title song ‘Saathiya’ and best male playback singer trophy for Sonu Nigam for the title song of the film. Kavita Krishnamurthy and Shreya Ghoshal won together best female playback singer for a same song ‘Dola Re’ in film ‘Devdas’. A.R. Rahman won another trophy for best background score for the film ‘The Legend of Bhagat Singh’.
Binod Pradhan won best cinematographer trophy and Nitin Chandrakant Desai best art direction trophy for the film 'Devdas'. Chandan Arora won the best editing award for film 'Company'. Shreya Ghoshal won R.D. Burman Award for her melodious songs in film 'Devdas'. Raj Kumar Santoshi won the critics award for best movie (The Legend of Bhagat Singh). Actor Ajay Devgan won Filmfare Critics Award for best performance for film ‘Company’ and ‘The Legend of Bhagat Singh’. Manisha Koirala won the Critics best actress trophy for ‘Company’ and Rani Mukherjee won it for the film ‘Saathiya’.