May 11, 2004 – A sunny day, a big audience and the world's downhill mountain bikers performing in an historic neighborhood, made another exiting afternoon of the Lisboa Downtown. Brit Steve Peat took top spot for the third time, with France's Anne-Caroline Chausson winning the woman's race.

Early in the morning, the athletes began training on the circuit, surprising many tourists in the area. Essentially riding the same circuit as in previous years, athletes were thrown a few added difficulties to make things interesting. Riders such was Nolvenn Le Caer of France were unable to compete. Ranked number two in the world, Le Caer was unable to train properly due to an injury suffered just three days before the competition.

The adrenaline started flowing at 2:00 pm, the race start, which included Portuguese favourite André Beato. From the start competitors began to slope downwards amazingly, meandering through the small streets of Alfama and down it's stairs.

France's Cedric Gracia, winner of the first edition of the Lisboa Downtown in 2000, completed the 1000m course in 1:39.097 – and hit a semi-final record. Only one second separated the four best times . Mick Hannah (AUS) was the second, David Vazquez (ESP) third, with Peat rounding out fourth in this semi-final round. The best Portuguese was Cláudio Loureiro in the 10th place. Out of 48 racers, 30 qualified for the finals – four of them being Portuguese.

In all, 13 women athletes competed, of which 10 proceeded to the next stage.The world champion Chausson dominated the semi-finals with a record time of 1:50.291, four seconds faster than Helen Gaskell (GBR). Anneke Beerten (NED) took the third place. The Portuguese representative Ana Martins came in 13th and did not qualify for the finals.

In the finals, the women were first up and most beat their qualifying time. Once again Chausson was first in 1:47.103 – her first Lisboa Downtown win. The big surprise came from Anneke Beerten taking second, while Helen Gaskell came in third.

The town of Alfama was crowded with fans cheering as the men's started their final round. Steve Peat's time of 1:35.962 was enough to earn him top honour and a new record. Three riders, Vazquez, Mick Hannah and Gracia did their best to match or beat Peat's time, but to no avail: Hannah came in second, Gracia third. Spain's David Vazquez, number one in the Word Downhill ranking, took fourth and world champion Greg Minner (RSA) took seventh on his Honda NR01. Once again, Cláudio Loureiro was the fastest Portuguese racer and came in 17th.

This was Peat's third consecutive Lisboa Downtown crown.