A Radamel Falcao hat-trick before half-time put the Spanish side in a commanding position which they did not let slip.
It didn't take long for the first chance of the game. After three minutes Falcao blasted the ball against the bar after good work from Felipe Luis.
The Colombian was not to be denied for long. Two minutes later he beat the offside trap and chipped the ball over the on-rushing Petr Cech.
Atletico doubled their lead on 19 minutes when Falcao found space, this time on the right, and cut inside before curling a shot into the top corner.
The striker completed his hat-trick just before half-time when he collected the ball in the box after a quick counter-attack, and fired the ball in from a tight angle.
Chelsea brought on Oscar for Ramires at the break and started the second half by pressing higher up the pitch.
It was Atletico who scored again though on 60 minutes. The ball fell to Miranda in the box, who beat Cech and a sliding Gary Cahill from close range.
Cech did well to keep it at four 10 minutes later, when a Koke free kick beat everyone, forcing the Chelsea keeper to react quickly.
The English side did get a goal back with 15 minutes to go when Gary Cahill reacted quickest to a bouncing ball in the box.
It was no more than a consolation though, and the game ended 4-1.