Isco scored his second moments into the restart when he converted from close range to send the away side into the lead.
Both sides had chances in the latter stages, but Malaga held on to secure the three points, regaining fourth from Valencia in the process.
Read how it all unfolded in Sports Mole's minute-by-minute live commentary of the action below.
LEVANTE: Munua; Lell, Navarro, Juanfran, Vyntra; Iborra, Barkero, Rios, Michel; Garcia, Martins
MALAGA: Caballero; Demichelis, Antunes, Sanchez, Gamez; Joaquin, Toulalan, Baptista, Iturra, Isco; Saviola