The two Spanish capital sides will face off in the competition for the third time in four seasons, with the previous two encounters taking place in the final.
Los Blancos emerged triumphant in both matches, and Zinedine Zidane's side will become the first club to retain the trophy in the Champions League era should they make it all the way this year.
The first legs of the Champions League semi-finals will take place on May 2 and 3, and the second legs played on May 9 and 10.
The final is set to take place at Cardiff's Millennium Stadium on Saturday, June 3.
Champions League semi-final draw:
Real Madrid vs. Atletico Madrid
AS Monaco vs. Juventus