We report on our Chandra and RXTE observations of the bright old nova, V603 Aql, performed in 2001 April, supplemented by our analysis of archival X-ray data on this object. We find that the RXTE data are contaminated by the Galactic Ridge X-ray emission. After accounting for this effect, we find a high level of aperiodic variability in the RXTE data, at a level consistent with the uncontaminated Chandra data. The Chandra HETG spectrum clearly originates in a multi-temperature plasma. We constrain the possible emission measure distribution of the plasma through a combination of global and local fits. The X-ray luminosity and the spectral shape of V603 Aql resemble those of SS Cyg in transition between quiescence and outburst. The fact that the X-ray flux variability is only weakly energy dependent can be interpreted by supposing that the variability is due to changes in the maximum temperature of the plasma. The plasma density is likely to be high, and the emission region is likely to be compact. Finally, the apparent overabundance of Ne is consistent with V603 Aql being a young system.
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