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The 2004 Mr. Olympia contest was an International Federation of BodyBuilders professional bodybuilding competition and the feature event of Joe Weider's 2004 Olympia Weekend, held October 30 and 31, 2004, at the Mandalay Bay Arena in Las Vegas, Nevada.
This Mr. Olympia contest introduced a new Challenge Round to determine the final standings. The top six competitors scores were discarded after round three, and only the final challenge round standings were used to decide the winner.
The total prize money for men was $400,000.
Ronnie Coleman won his seventh consecutive Mr. Olympia title. Jay Cutler, for a third time, placed runner-up. Although he placed third in traditional scoring, Dexter Jackson lost to Gustavo Badell in the final challenge round, for a prize difference of $10,000.
| Place | Prize | Name | Country | 1 | 2 | 3 | Points | Challenge Score |
|---|---|---|---|---|---|---|---|---|
| 1 | $120,000 | Ronnie Coleman |  | 5 | 5 | 5 | 15 | 24 [1] |
| 2 | $75,000 | Jay Cutler | | 10 | 10 | 10 | 30 | 21 |
| 3 | $50,000 | Gustavo Badell |  | 21 | 16 | 20 | 57 | 13 |
| 4 | $40,000 | Dexter Jackson | | 15 | 19 | 15 | 49 | 12 |
| 5 | $30,000 | Markus Rühl |  | 40 | 28 | 25 | 93 | 10 |
| 6 | $25,000 | Günter Schlierkamp | | 28 | 43 | 30 | 101 | 1 |
| 7 | $15,000 | Chris Cormier | | 36 | 34 | 39 | 109 | |
| 8 | $14,000 | Dennis James | | 33 | 37 | 42 | 112 | |
| 9 | $12,000 | Víctor Martínez |  | 37 | 35 | 46 | 118 | |
| 10 | $10,000 | Darrem Charles |  | 50 | 49 | 43 | 142 | |
| 11 | $1,000 | Pavol Jablonický |  | 57 | 63 | 58 | 178 | |
| 12 | $1,000 | Kris Dim | | 60 | 61 | 63 | 184 | |
| 13 | $1,000 | Ahmad Haidar |  | 67 | 60 | 64 | 191 | |
| 14 | $1,000 | Johnnie O. Jackson | | 79 | 70 | 69 | 218 | |
| 15 | $1,000 | Troy Alves | | 72 | 71 | 76 | 219 | |
| 16 | $1,000 | Craig Richardson | | 71 | 82 | 82 | 235 | |
| 17 | $1,000 | Mustafa Mohammad |  | 85 | 85 | 84 | 254 | |
| 18 | $1,000 | Richard Jones | | 91 | 91 | 89 | 271 | |
| 19 | $1,000 | Claude Groulx |  | 93 | 91 | 95 | 279 |
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