Bale eclipsed Ronaldo as the world's most expensive player when he signed for around £85m from Tottenham Hotspur at the end of August, leading to some suggestions that the Portuguese star would take exception to the signing.
However, Ancelotti has insisted that the former Manchester United player gets on well with the Welshman.
Speaking to The Times, Ancelotti said: "Ronaldo's a team player, not a selfish player.
"Before Gareth Bale came, people thought they'd have problems playing together, but there's no problem.
"They pass the ball to each other and have a good combination. Everyone is surprised at how well he's played this season."
Los Blancos are currently third in La Liga.