The hosts scored two first-half goals to secure the victory, with Raul Garcia opening the scoring in spectacular fashion before Diego Costa continued his good form in front of goal to add a second.
Porto had their chances, missing a penalty in the first half and hitting the woodwork on no less than four occasions, but they were unable to find the goals required to send them through.
You can read how the action unfolded on an action-packed night in Madrid with Sports Mole's live play-by-play coverage below.
6.45pmGood evening! Thank you very much for joining Sports Mole for what promises to be a very intriguing Champions League encounter between Atletico Madrid and Porto. One team has just pride to play for, while the other needs a win tonight - nothing else will do.
6.47pmLet's start by looking at our hosts this evening, and what an incredible season they are having at the moment. Atletico have firmly established themselves as one of the big boys of Spanish football and are now keeping pace with the likes of Barcelona and Real Madrid in La Liga.
6.49pmIn fact, they are doing even better than keeping up. They currently lead city rivals Real Madrid by two points and are only behind Barcelona in the table on goal difference, with a two-goal gap separating the two sides. Diego Simeone's side have only dropped five points all season, winning 13 of their 15 domestic matches so far.
6.51pmWith such impressive league form, they could perhaps be forgiven for having taken one eye off the Champions League, but that certainly hasn't been the case. Atletico had a perfect record in the competition until their last outing, which resulted in a 1-1 draw with Zenit - a match that saw the Spaniards field a weakened side having already clinched qualification from the group.
6.53pmThey go into tonight's match having already won Group G, so they have nothing - except pride - to play for tonight. With Valencia awaiting Simeone's side on Sunday, the Atletico manager is expected to make a few changes for this evening's game, but they showed against Zenit that even their second string side were hard to beat. That will surely be the case even more so in front of their own fans.
6.55pmThey come into tonight's game in imperious form having lost just once in all competitions this season - a shock 1-0 defeat to Espanyol in the league. Considering they have already played Barcelona, drawing twice against the Catalan giants, and Real Madrid, beating Carlo Ancelotti's side, that is an incredible record that Simeone will want to protect this evening, even with the desire to rest key players.
6.57pmSince that defeat to Espanyol, Atletico have won eight games and drawn two, but the most impressive statistics come when you look at their goal difference during that spell. The Spanish side have scored a whopping 31 times in those 10 matches, conceding just three. With the likes of Diego Costa scoring in seemingly every game, you'd expect the defensive record to suffer a little, but seven clean sheets in their last 10 matches says different.
6.59pmIt is more of the same in the Champions League too. They are the highest scorers in their group with 13 goals from their five matches and they have also conceded the least, being breached just three times. They haven't conceded more than one goal in a game since mid-September, when Almeria were beaten 4-2, and only Barcelona can match their record of just nine goals conceded in La Liga this season.
7.01pmThings get even more impressive when you look at Atletico's home form. They are unbeaten at the Vicente Calderon this season and have won every single game since drawing their opening encounter against Barcelona in the Super Cup. Only Real Madrid and Barcelona have won here since March, and Diego Simeone's side have kept clean sheets in each of their last four home games. The last time they conceded here was more than two months ago on October 6.
7.03pmSo, Porto face a daunting task this evening, and it doesn't come at a good time for them. Anything less than a win will not be good enough for Paulo Fonseca's side this evening, and even if they do become the first team to beat Atletico at home this season they will still be relying on Zenit to drop points against Austria Vienna.
7.05pmPorto are only one point behind the Russians with an identical goal difference of four scored, five conceded, but a draw coupled with a Zenit loss would still not be enough due to their inferior head to head record. Porto simply have no option but to win, and they will be hoping that Atletico's lack of things to play for will help them this evening.
7.07pmThey certainly need all the help that they can get. Their Champions League campaign has been very disappointing this season, with the Portuguese champions only managing five points from their five games. Surprisingly, it is their home form that has let them down, with four of those five points coming on their travels. Defeat to Atletico ended a long unbeaten home run in Europe before a poor home draw to Austria Vienna left them in the position they find themselves in now.
7.09pmThings have also taken a turn for the worse domestically for Porto. Their recent 1-0 defeat to Academica ended their incredible 53-match unbeaten streak in the league, a run that was made up of 42 wins and 11 draws. That defeat was also their first away loss in their last 12 games in all competitions.
7.11pmFonseca's side currently sit two points off the top of the table in Portugal, a position that many clubs would appreciate but one that it almost unacceptable for Porto. Sporting currently lead the way in the Primeira Liga, while Porto and Benfica are both hot on their tails.
7.13pmOn the bright side, Porto have the best defence in their domestic league having only let in eight goals from their 12 matches so far, while their attack is the second best in the division, although they are some eight goals behind Sporting in that respect.
7.15pmIn terms of form going into this match, Porto have not been losing matches but they have been dropping points with more regularity than usual. They have been beaten just once in their last eight games, but in the same spell have only won three games, drawing the remaining four. When anything other than a win won't do, such as tonight, those statistics become worrying for Fonseca's team.
7.17pmTEAM NEWS: Right, the team news is in for both sides, and the big story is that Diego Costa starts for Atletico Madrid. Simeone must have thought about resting his star striker in what is essentially a dead rubber match for his side, but the Brazilian-turned-Spaniard spearheads a pretty strong lineup for the hosts. At the other end, Jackson Martinez leads the line for Porto as expected, while Lucho Gonzalez has passed a late fitness test and will start in midfield. Full team news for both sides coming right up...
7.19pmATLETICO MADRID STARTING XI: Aranzubia; Insua, Miranda, Alderweireld, Manquillo; Adrian, Koke, Gabi, Torres, Raul Garcia; Costa
7.20pmATLETICO MADRID SUBS: Godin, Villa, Turan, Gimenez, Baptistao, Hernandez, Gil
7.25pmSo, what can we make of the two teams? Well, Simeone has chosen to rest a few players, with the likes of Villa, Turan and Godin - the latter two of whom scored in the reverse fixture in October - left on the bench, but it is clear that he is still taking this match quite seriously. His team selection suggests that he is keen to see his side go through the group stages unbeaten, and he is certainly not treating this match as an opportunity to play his youth team.
7.27pmThe main danger man for the hosts will, of course, be Diego Costa. The striker has been in blistering form in front of goal this season, making up for the loss of Radamel Falcao all by himself. Porto would have been praying that he was one of the men that Simeone chose to rest, but they weren't so lucky. The visitors' defence will certainly be very busy this evening dealing with the powerful front man.
7.29pmAs for Porto, they named a strong team and, looking at some of the players on show for them tonight, you wonder how they have left themselves such an uphill struggle to qualify. Their midfield is very solid, with Gonzalez's inclusion having proved his fitness a big boost for the visitors. They also have Defour in their ranks, a player that is very much involved in the impressive group of players being assembled by Belgium at the moment.
7.31pmAs with Atletico, their star man can be found up front. Jackson Martinez is Porto's best hope of pulling off a shock tonight as he is always capable of getting a goal. The Colombian has found the net 12 times in all competitions already this season and, while he will be up against it tonight, if he can add to that tally then Porto may well stand a chance of reaching the knockout rounds.
7.33pmRealistically, though, this is going to be a very tough test for the visitors. Some of the world's best teams - namely Barcelona and Real Madrid - have failed to win here this season and Atletico come into the match high on form and confidence. It would be a major shock if Porto were to grab a win, but with the hosts having nothing much to play for, they could just have a chance.
7.35pmPREDICTION: We're 10 minutes from kickoff in Madrid, which means that it is time for my match prediction! The way this match was going to go really depended on the side that Simeone named. Had he chosen to rest all of his big guns and not taken the match seriously then Porto would have stood a chance. However, the fact that he has included the likes of Costa and Garcia in the starting XI makes things a whole lot tougher for the visitors. I just can't see them getting the win they need here tonight. Their only glimmer of hope is that Atletico just aren't motivated enough for the match as they have nothing to play for, but that is clutching at straws. I'll go for a 2-0 home victory.
7.37pmWith Atletico's recent form putting them amongst the likes of Barcelona and Real Madrid at the top of La Liga, it is probably time to start seeing Simeone's side as genuine contenders for the Champions League title. Both Spanish giants are considered the front-runners alongside Bayern Munich and, with Atletico showing that they can deal with the big boys, they must surely be there or thereabouts in the favourites now.
7.39pmOne thing that may harm them is their relative inexperience at this level, but Simeone and his team don't seem to be daunted by any task so I don't think that would have such a big impact on them. They are flying under the radar at the moment, but having won their group they should get a nice draw in the next match and they will fancy their chances against anyone in the latter stages.
7.41pmInterestingly, Porto were the last team to beat Atletico at the Vicente Calderon in the Champions League. In their last game in the competition before this season, Madrid were beaten 3-0 by the Portuguese side, with Hulk and Falcao amongst the scorers back in December 2009.
7.43pmAs with all Champions League nights, Sports Mole has you covered this evening. In addition to this match we have live text commentary from all of the other matches, and you can find them here. Alternatively, I will keep you up to date with major events from around the continent as and when they happen.
1 minKICKOFF: Here we go then. Porto get us underway in the Spanish capital as they look to get the unlikely victory that they need to stand any chance of qualifying from the group.
3 minIt has been a fairly even start to this match as both teams look to suss each other out in the early stages. It may be a cagey affair for a while, but Porto will have to go for it sooner or later.
5 minUPDATE: The first goal of the night has already gone in and it is Dortmund who have got it, taking the lead against Marseille through Lewandowski.
7 minYELLOW CARD! The first yellow card of the night comes early as Josue enters the referee's notebook. It is a harsh one, it must be said, as it looked to be more of a clumsy coming together than a deliberate foul.
9 minFernando zips a ball in towards the box but it bounces straight through to the keeper, who collects comfortably. We're still waiting for this one to really get going here.
11 minOFF THE BAR! Porto come within inches of taking the lead! Damilo sends a fine cross into the box having been given acres of space to do so by the Atletico defence, and Martinez smashes a volley off the underside of the crossbar. So close for the visitors.
13 minJosue lines up a shot from a good 30 yards out but completely slices his effort and Aranzubia watches it bobble harmlessly wide.
14 minAnother chance almost falls Martinez's way but he just can't get hold of his shot properly, sending a weak effort trickling past the post. It took a deflection on the way through, however, so the visitors will have a corner.
14 minGOAL! Atletico Madrid 1-0 Porto (Raul Garcia)
14 minMy word, what an incredible goal that is! Garcia controls the ball inside the box from a throw in, rolls his man and blasts an effort past the keeper from what looked like an impossible angle. He absolutely hammered it off the underside of the crossbar, and the ball was past the keeper before he could even put his hands up. Wonderful goal.
16 minSAVE! Almost an immediate response from the visitors as Martinez makes enough of a nuisance of himself to ensure that the clearance from a cross only falls as far as Gonzalez. He goes for goal first time with a half-volley but Aranzubia flies across to make a fairly comfortable save.
18 minJust going back to that Garcia goal, often the keeper is at fault when they let goals in at their near post, but there really was nothing Helton could do about that one. It was an unstoppable strike hit with such power that the keeper did not move until the ball was nestling in the back of the net.
20 minIt is a hammer blow for Porto, however, as they had started this match really well and looked most likely to get the opener before that bolt from the blue. The visitors now need two goals if they are to stand any chance of reaching the next round.
21 minOFF THE BAR! They almost get one of those goals here! Again it is a cross from the right that causes the problem, but this time it is Varela who gets on the end of it, attacking the ball really well to plant a header onto the top of the bar. That is twice that they have hit the woodwork now.
23 minPoor effort from Fernando as he wastes a good attacking platform by going for goal from range. He doesn't catch his shot anywhere near as well as he would have liked, dragging a tame effort well wide of the post.
25 minJosue has to be careful here. He picked up an early booking and, if the ref was consistent, could have had another one there. If anything, this tackle was worse than the one that got him the initial booking so, while it would have been harsh, he is perhaps lucky the the ref didn't produce a second yellow then.
27 minUPDATE: Marseille have now equalised against Dortmund in France, while both Chelsea and Barcelona have taken 1-0 leads against Steaua Bucharest and Celtic respectively.
28 minPorto have had their chances but they just can't seem to score at the moment! This time they miss from 12 yards after Aranzubia was penalised for a foul on Martinez. It was a borderline decision but the keeper ensures that any controversy over it is nipped in the bud with a fine save from Josue's spot kick. It was at a good height and was quite close to him, but Josue hit it with plenty of power so the Atletico keeper did well to get there.
30 minCHANCE! We haven't seen much of Costa so far today but he almost doubles the hosts' lead here. He races away from the defence having been played in by a fine through ball, but Helton makes a very good stop with his legs as the striker looks to slide the ball past him.
32 minYELLOW CARD! Another card is handed out, but this time it is the correct decision from the ref. Gonzalez missed his first tackle before swinging out his trailing leg to stop his man in his tracks. He can have no complaints at that one.
34 minThe home fans want a penalty for a tackle on Raul Garcia in the box, but the referee correctly waves it away. Garcia just nipped in in front of Sandro to steal the ball before falling down under the defender's swinging leg, which didn't make enough contact with the Atletico man to warrant the fall.
36 minUPDATE: Bad news for Porto - Zenit have taken the lead against Austria Vienna. If that scoreline stays the same, nothing Porto could do here would save them. Elsewhere there have been plenty of red cards across Europe, with Marseille, AC Milan and Basel all being reduced to 10 men already.
37 minOFF THE POST! Porto hit the post for a third time! It is good play from Varela as he reaches the byline down the left before pulling it back to Martinez, whose first-time effort deflects off a defender and kisses the foot of the post on its way wide.
38 minGOAL! Atletico Madrid 2-0 Porto (Diego Costa)
38 minThat is a huge blow for Porto, but they only have themselves to blame. A poorly executed offside trap allows Diego Costa to run clean through on goal as one long ball beats the whole defence. The striker nods it past Helton before sliding it into the empty net for his 16th goal in 16 games this season. It is a long, long way back for Porto now.
40 minThe Porto players surrounded the linesman after the goal, pleading for an offside flag, but he got that one spot on. Defour was booked in the aftermath of the goal, presumably for dissent.
41 minYELLOW CARD! Martinez is the latest player to go into the referee's notebook for a clumsy tackle just before Costa was about to get the ball. It was a forward's challenge, but the referee didn't have to book him there. Deniz Aytekin has been too card-happy for me today.
43 minPorto have been very unlucky in this first half, hitting the woodwork three times and missing a penalty, but they simply need to be more clinical if they are to beat a team of Atletico's quality away from home. The hosts have been deadly in front of goal and, had Porto taken all of their chances too, they would be leading this game.
45 minUPDATE: A glimmer of hope is handed to Porto as Austria Vienna have equalised against Zenit. As things stand, though, Porto still need three goals to go through.
45 minThere will be one minute of added time at the end of this half.
45+1 minCHANCE! Helton is forced into another save just before half time as a free kick is nodded back across goal for Adrian at the back post. He nods it towards the near post from close range, but Helton shows good reactions to tip it over the bar.
8.38pmWell, it's hard to think how that half could have gone much worse for Porto. They went into the match needing a win and they have certainly had the chances to get those three points, but they haven't been able to take them. The visitors hit the woodwork three times, missed a host of other good opportunities and even missed a penalty in an action-packed first half.
8.40pmThe only positive Porto can really take from that opening 45 minutes is that they continued to create chances. If they can put in a similar performance in the second half and add a killer touch then they are still in this game despite being two goals down. Zenit are currently being held by Austria Vienna, which means that if Porto can score three goals in the second half then they would go through if things stay the same in that other match.
8.42pmAs far as Atletico are concerned, they haven't shown the type of form that has swept all before them so far this season. However, unlike Porto they have been clinical in front of goal, with Raul Garcia firing in a spectacular opener before Diego Costa took advantage of some lazy defending to beat the offside trap and add a second.
8.44pmThe half-time statistics show Porto ahead in most of the categories, but while they have had more shots and possession than the Spaniards, they simply haven't used their chances as well as the hosts. Jackson Martinez is usually clinical in front of goal but he has been guilty of missing a few chances already this evening, accounting for two of Porto's efforts that hit the woodwork.
8.46pmATLETICO MADRID SUB: The hosts make one change at the break as Diego Costa makes way for David Villa. That isn't a bad sub to be able to bring on, and it is also good for the hosts to be able to rest their star striker.
8.47pmPORTO SUB: Porto also make a change at half time as Lica replaces Josue, who missed the penalty and has a yellow card to his name.
46 minKICKOFF: We're back underway in Madrid for a second half that should see Porto throw caution to the wind. They need three goals is they are to qualify from the group - can they pull off a famous comeback?
48 minBright start to the half from the visitors as they win an early corner. The ball is swing in right under Aranzubia's crossbar, and the keeper is forced to palm it away for another corner.
49 minThe resulting corner is not dealt with by the Atletico defence and it almost falls for Mangala, but the big defender is harshly penalised for a foul by the ref.
51 minUPDATE: Austria Vienna are doing their best to help Porto here - they have now taken the lead against Zenit. Barcelona, meanwhile, have extended their lead over Celtic to 4-0 while Schalke have taken a 1-0 lead against Basel.
53 minUPDATE: Austria Vienna have scored again! They now lead Zenit 3-1, but that doesn't really change anything for Porto, who still need three goals. Remember, a draw won't be enough due to their inferior head to head record.
54 minYELLOW CARD! Alderweireld is the latest man in the referee's notebook for a foul on Jackson Martinez. It was a needless challenge from the defender, who just tripped the Porto man after he had nicked the ball away.
56 minPorto are once again seeing plenty of the ball in this second half but they aren't creating as many chances as they did in the first. They really need a goal in the next 10 minutes if they are to pull off an unlikely comeback, you feel.
58 minUPDATE: Schalke have doubled their lead against Basel, which could be a huge goal in Group E. The Germans are currently one point behind Basel, but it looks like they will leapfrog the Swiss side and qualify for the next round. Elsewhere, Barcelona are really running riot at the Camp Nou and now lead Celtic 5-0.
59 minPorto whip the ball towards the near post but Raul Garcia is there to header it over the bar right in front of his own keeper, who comes through the back of his own man, clattering him. Garcia did the right thing in making sure there, though.
61 minPorto are really pushing for a goal here, but they just can't find a way through the Atletico defence at the moment. You can't fault the visitors' effort here, but they are just lacking the quality required to get a breakthrough at the moment.
62 minATLETICO MADRID SUB: Atletico are bringing on some star players in this match. First Villa and now Arda Turan as he replaces Oliver Torres. Things don't get any easier for Porto.
64 minPORTO SUB: Fonseca responds with a change of his own, and it is an attacking switch from the Porto manager. He brings on a striker in the form of Nabil Ghilas to replace Lucho Gonzalez.
66 minYELLOW CARD! Insua becomes the latest in a long line of players to go into the referee's bulging notebook. It is another harsh one, and you feel that the ref only produced the card because of the Porto man's reaction.
68 minThe sting has just gone out of this game a little as the Porto begin to realise how unlikely their task is now. Three goals in 90 minutes against Atletico at the Vicente Calderon would be impressive enough, but the visitors now need three in 20 minutes.
69 minOFF THE POST! This just isn't going to be Porto's day, is it? The visitors hit the woodwork for the fourth time this evening, this time Lica finding the upright. The sub iss played in by a lovely little pass and hits his shot first time past Aranzubia at the near post, but the ball bounces back off the foot of the post and Atletico clear the danger.
71 minAtletico almost take the lead in unorthodox fashion as Koke's corner is close to creeping straight in under the crossbar. Helton gets a hand to it just in time, and is lucky to be awarded a free kick for a foul on him by the ref.
73 minUPDATE: Barcelona are now 6-0 up against Celtic at the Camp Nou, with Tello getting the latest goal. Neymar has also hit a hat-trick in that match, so they seem to be coping well enough without Messi at the moment!
75 minCHANCE! Good chance for Atletico to kill this game off once and for all. A deflected cut-back falls kindly for Raul Garcia on the edge of the box and the midfielder tried to place his effort into the bottom corner. He didn't catch it right, however, and Helton got down well to make a more comfortable save than he should have been allowed.
78 minYELLOW CARD! I'm surprised that there is anyone still on the field that hasn't been booked already, but the referee has found one. Mangala is the latest man to be shown a yellow card.
79 minPORTO SUB: The visitors make their final change of the night as Hector Herrera replaces Defour.
81 minUPDATE: Big news from Group F as Napoli have taken the lead against Arsenal. Dortmund are currently drawing with Marseille in the other match in that group which means, as things stand, the Germans - and last season's runners-up - will be eliminated.
82 minATLETICO MADRID SUB: The hosts make their third and final change of the match as Leo Baptistao replaces Adrian.
84 minEven the most ardent of Porto fans must be resigned to Europa League football after Christmas now. It could have been so different for the visitors had they taken their chances in the first half, but their wastefulness in front of goal has been their major downfall this evening.
86 minUPDATE: Arsenal's hopes of launching a comeback against Napoli has taken a blow as they have been reduced to 10 men, Mikel Arteta receiving two yellow cards in that match. Napoli lead 1-0 in Naples.
88 minSuperb defending from Alderweireld, who shows great desire to close down the shot in order to keep his side's clean sheet. Danilo played the ball through to Varela, who went for goal first time with a powerful effort, only for the Belgian defender to fly across and make the block.
90 minUPDATE: Dortmund may well have saved their Champions League status for now! They have taken a late lead against Marseille in France, which now means that they will go through and Napoli, despite leading against Arsenal, will go out.
90 minThere will be two additional minutes at the end of this match.
9.38pmThe referee puts an end to Porto's misery as they crash out of the Champions League group stages courtesy of a 2-0 defeat at the hands of Atletico Madrid. The visitors will be kicking themselves that they didn't take their chances in the first half as they certainly had enough opportunities to score the goals they needed to win and go through to the next round.
9.40pmPorto hit the woodwork no fewer than four times in the match and also missed a penalty in the first half, but despite making all of those chances they never really looked in control this evening. Jackson Martinez has a a very impressive goalscoring record so far this season but not even he could improve the visitors' wastefulness in front of goal, which has ultimately cost them their place in Europe's premier club competition.
9.42pmAs for Atletico, their sensational form continues as they make it 11 games without defeat, winning nine of those. They are also still unbeaten at home this season and have now gone five games without conceding a goal at the Vicente Calderon. They already had top spot secured before this evening, but they showed again that they are a team to be feared in the next round.
9.45pmRight, that's all we have time for this evening! Thank you very much for joining Sports Mole on an action-packed night of European football in the Spanish capital. Porto are consigned to Europa League football following a 2-0 defeat to group winners Atletico Madrid. I will leave you with our match report, and be sure to stick around for reaction and analysis, which will be on site shortly. Until then, though, it is goodbye from me!