Prior to the formation of the said conference, the league had two import-laced conferences known as the PBA Commissioner's Cup (with an import height-limit of 6–8), and the PBA Governor's Cup (with an import height-limit of 6–4). However, in 2003, the two conferences were scrapped and was replaced with an Invitational tournament, with an All-Filipino local squad along with foreign teams) and an import-laced Reinforced Conference.
But, in 2004, the league changed its calendar from a calendar year to a fiscal year. As a preparation for the new format, the tournament was institutionalized in 2004 as a transitional tournament. The first Fiesta Conference was played from February–July 2004.
Opening ceremonies
The muses for the participating teams are as follows:
The league held its All-Star Weekend on August 15, 2004, at the jampacked New Cebu City Coliseum, with the revived North vs South All-Stars format. The South All-Stars defeated the Northern selection, 130–128, in a closely fought contest. Asi Taulava and Jimmy Alapag were named co-MVP of the All-Star game.
Two guest teams participated in the tournament, the University of British Columbia men's basketball team and the US Pro-Am Selection. Both never won a single game in the quarterfinals of the tournament.
The 2004 Philippine Basketball Association (PBA) Fiesta Conference finals was the best-of-5 basketball championship series of the 2004 PBA Fiesta Conference, and the conclusion of the conference's playoffs. Barangay Ginebra Kings and Red Bull Barako played for the 87th championship contested by the league.
The Barangay Ginebra won their 5th league championship with a 3–1 series victory over Red Bull. This is their first championship since 1997 Commissioner's.