<ownershipDocument>
    <schemaVersion>X0101</schemaVersion>

    <documentType>4</documentType>
<periodOfReport>2003-07-09</periodOfReport>
<notSubjectToSection16>1</notSubjectToSection16>
    <issuer>
        <issuerCik>0000751976</issuerCik>
        <issuerName>NEWHALL LAND &amp; FARMING CO /CA/</issuerName>
        <issuerTradingSymbol>NHL</issuerTradingSymbol>
</issuer>
<reportingOwner><reportingOwnerId>
            <rptOwnerCik>0001253809</rptOwnerCik>
            <rptOwnerName>MORK STUART R</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>  </rptOwnerStreet1>
            <rptOwnerStreet2>  </rptOwnerStreet2>
            <rptOwnerCity>  </rptOwnerCity>
            <rptOwnerState>  </rptOwnerState>
            <rptOwnerZipCode>  </rptOwnerZipCode>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>0</isDirector>
<isOfficer>0</isOfficer>
<isTenPercentOwner>0</isTenPercentOwner>
<isOther>1</isOther>
<officerTitle></officerTitle>
<otherText>Former Sr. VP &amp; CFO</otherText>
</reportingOwnerRelationship>
</reportingOwner>
<nonDerivativeSecurity><securityTitle><value>Partnership Units</value>
</securityTitle>
<transactionDate><value>2003-07-09</value>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>M</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
<footnoteId id="F1"></footnoteId>
</transactionCoding>
<transactionAmounts><transactionShares><value>12000</value>
</transactionShares>
<transactionValue><value>14.625</value>
</transactionValue>
<transactionAcquiredDisposedCode><value>A</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>0</value>
<footnoteId id="F3"></footnoteId>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</nonDerivativeSecurity>
<nonDerivativeSecurity><securityTitle><value>Partnership Units</value>
</securityTitle>
<transactionDate><value>2003-07-09</value>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>S</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
<footnoteId id="F1"></footnoteId>
</transactionCoding>
<transactionAmounts><transactionShares><value>12000</value>
</transactionShares>
<transactionValue><value>32.45</value>
</transactionValue>
<transactionAcquiredDisposedCode><value>D</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>25448</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</nonDerivativeSecurity>
<nonDerivativeSecurity><securityTitle><value>Partnership Units</value>
</securityTitle>
<transactionDate><value>2003-07-09</value>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>J</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>0</value>
</transactionShares>
<transactionValue><value>0</value>
</transactionValue>
<transactionAcquiredDisposedCode><value>A</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>3135</value>
<footnoteId id="F2"></footnoteId>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</nonDerivativeSecurity>
<derivativeSecurity><securityTitle><value>Employee Stock Option (Right to Buy)</value>
</securityTitle>
<conversionOrExercisePrice><value>14.625</value>
</conversionOrExercisePrice>
<transactionDate><value>2003-07-09</value>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>M</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>12000</value>
</transactionShares>
<transactionValue><value>0</value>
</transactionValue>
<transactionAcquiredDisposedCode><value>D</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<exerciseDate><value>1988-08-08</value>
<footnoteId id="F4"></footnoteId>
</exerciseDate>
<expirationDate><value>2003-07-21</value>
</expirationDate>
<underlyingSecurity><underlyingSecurityTitle><value>Partnership Units</value>
</underlyingSecurityTitle>
<underlyingSecurityShares><value>12000</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>0</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</derivativeSecurity>
<footnotes><footnote id="F1">Exempt transaction under Rule 16-b3; exercise of employee unit option.</footnote>
<footnote id="F2">Number of equivalent units in 401(k) plan account as of 2/28/03.</footnote>
<footnote id="F3">Not amount owned (blank field).</footnote>
<footnote id="F4">The option vested in four equal installments July 1994 through July 1997.</footnote>
</footnotes>
<ownerSignature><signatureName>Stuart R. Mork</signatureName>
<signatureDate>2003-07-11</signatureDate>
</ownerSignature>
</ownershipDocument>

