The 2004 USBL draft has taken place. The USBL draft establishes which teams own the rights to the players drafted. While some of the drafted players will actually play in the USBL, many may never set foot in the league. One advantage for the USBL is that its season is over the summer, so players can focus on the NBA, CBA and overseas leagues during the year, and still be able to fit the USBL season into their schedule.

This was the 19th annual USDL draft. A total of 44 players were taken in the four rounds. With their first draft pick in club history, the Cedar Rapids River Raiders selected R.T. Guinn of Baylor. A total of 15 players from the Portsmouth Invitational Tournament were selected in this year's USBL raft, including Tournament MVP Tony Bobbitt from Cincinnati.