This feud started December 16,2002, the night after Shawn lost his Heavyweight Title to Triple H at Armageddon. Chris Jericho came out insulting Shawn,saying he was washed up and a has been. Shawn responded with some Sweet Chin Music for Chris. The feud continued when Jericho wanted to go into the Royal Rumble at the no.1 position and win, one of Shawn's legendary feats. A fatal four way with Y2J, RVD, Kane and Batsita was set up on Raw where the winner could choose the spot he wanted. Jericho won and chose No.1 but Shawn came and said that he was already No.1 so Jericho would have to take No.2. At the Royal Rumble, Jericho attacked Shawn from behind with a low blow, busted him open with a chair and eliminated him. Halfway through the match, Shawn came back bloodied and bandaged and attacked Jericho leading to his elimination.
On Raw a few weeks before Wrestlemania, HBK came to save Stacy Keibler from a beating by Christian and Y2J but got busted open by a chairshot from Y2J. Jericho told Shawn that he was going to end his career at Wrestlemania. The next week, HBK Sweet Chin Music'ed Jericho on the ramp and said "I'll see you at Wrestlemania boy!"
Chris Jericho entered first and taunted the crowd in the ring. Shawn came out next to a huge pop. There were bazookas on the stage that shot confetti into the crowd. Y2J watched from the ring and flipped off HBK. HBK did his signature pose in the ring with pyro going off. He did it again with the pyro going off from the rafters of the building.
There's an HBK chant to start. They circle, tieup and break. They circle tieup and HBK does a headlock takedown but Y2J uses a headscissors to escape. They do a tieup again with Chris doing an armdrag but HBK gets out with a headscissors. Shawn lies on the top rope. Shawn goes from a headlock to a hammerlock but Jericho reverses into his one of his own. Shawn elbows out and reverses a Y2J hiptoss into one of his own. They exchange knockdowns. HBK grounds Jericho with a side headlock but Y2J gets 2 rollups for 2. Y2J elbows out and does a shoulder block. Y2J slaps Shawn but gets punched and tossed over the top. Shawn fakes a plancha, landing on the apron then slides back in and delivers a baseball slide. Back in, Shawn hits a crossbody which Chris rolls through for 2. Y2J hits a clothesline and a jumping spin kick for 2. He uses punches, chops and chokes in the corner. He tries a bulldog but gets thrown into the post and Michaels applies a Figure 4 but Chris is able to roll over. HBK does a shinbreaker but soon gets sent shoulder first into the post. Y2J tries throwing Shawn over the top but HBK skins the cat back in and headscissors Jericho over the top rope. Shawn follows up with a plancha. He tries a dropkick in the aisle but Jericho turns it into a Walls of Jericho. He holds it then breaks up the countout. He drives Shawn's back into the steel post twice before drawing boos by taunting the crowd. Jericho is in the irng and Shawn tires getting in. He's standing on the apron but Jericho leaps off the 2nd turnbuckle and dropkicks Shawn off. Back in the ring, Jericho hits a back suplex and tells Shawn" I'm better that you!" A stalling vertical suplex gets two. After a backbreaker, Chris put a foot on Shawn for the pin but only gets 2. He grounds Shawn with a rear chinlock but Shawn escapes. Shawn goes off the ropes and turns a Jericho backdrop into a DDT. Both men are down until Y2J gets up at 7. Y2J comes off the ropes with a flying forearm and kips up before doing HBK's signature pose. Shawn kips up. He uses punches, a Manhattan Drop, a clothesline and a backdrop on Jericho. A top rope moonsault gets 2 as does a crucifix into a sunset flip. Y2J rolls on Shawn for 2, Sunset Flip for 2, reversal by Y2J and another Sunset Flip which Jericho turns into a Walls of Jericho. Shawn tosses Jericho and applies a rear waistlock but Y2J does one of his own and turns it into a Northern Light's Suplex for 2. HBK bridges up and they fight for a backslide. Y2J gets out and hits a bulldog followed by a Lionsault that gets 2 sets of two counts. HBK goes for a Hurricarana but Y2J catches him halfway and puts on a Walls of Jericho. Shawn struggles but gets a rope break. Shawn turns the Walls into a small package for 2. Jericho uses a double underhook backbreaker and a top rope reverse elbow. Mocking Michaels, Jericho warms up the band, does a leg shuffle and uses some Sweet Chin Music on Shawn for 2. A now frustrrated Jericho tackles HBK in the corner and Irish Whips him into the other side of the ring but Shawn leaps off the 2nd rope with a crossbody and punches. Shawn hits a catapult into a School Boy for 2. Y2J tries for a top rope back suplex but Shawn turns in midair and hits a crossbody for 2. Shawn goes up top but Y2J kicks the ref into the ropes, crotching Shawn. Y2J gets a reverse suplex off the top and a elbow drop. Y2J ducks the Sweet Chin Music and locks in a Walls of Jericho where Shawn almost taps out but finally reach the ropes. Jericho argues with Hebner saying Shawn tapped out and got hit with a desperation Superkick. An exhausted Shawn struggled to Jericho and only got a 2. Y2J whipped HBK into the corner and HBK did the Flair Flip and fell right into a forearm to the back. Y2J attempted a back suplex but HBK flipped out and jumped into a rolling clutch pin for 3. After both men get up,HBK extended his hand to Jericho after such a classic match but Y2J embraces his idol instead. He breaks and low blows Shawn, drops him to the mat and spits on him before leaving a beaten man.