It was the away side that took the lead in the early stages when Oscar Gonzalez coolly slotted home from inside the box. However, an own goal from Antonio Rukavina after 26 minutes left the scores level.
The first-half scoring did not stop there, however, with Ronaldo sending Madrid into the lead before Javi Guerra tapped home to make it 2-2 moments later.
Madrid were back ahead in the early stages of the second period when Kaka thumped an effort into the top corner, before Ronaldo made it 4-2 after 70 minutes.
Lluis Sastre had one back for the away side late on, but Madrid held on to secure all three points.
Here, Sports Mole dissects the 90 minutes of action between the two sides.
On target: 11
On target: 6
Was the result fair?
On the balance of play, it would be difficult to argue that Madrid did not deserve to pick up all three points this evening. In truth, they had enough chances throughout the match to make it more comfortable, but poor defending made the result closer than it should have been. Valladolid must be credited for their performance, but Madrid were always in control of proceedings.
It was a real mixed bag from the home side this evening. They were ever so one-paced in the early stages of the match, but responded after falling a goal behind. The fact that Valladolid were prepared to attack certainly aided their own forward play, but they could have scored seven or eight at the Bernabeu. They may be out of the Champions League, but they are a stunning attacking outfit.
Valladolid must be praised for their energy and work-rate this evening, but unfortunately they were undone on the counter by the current Spanish champions. They demonstrated the sort of football that has kept them in a respectable position this season, but their willingness to attack did leave space for Madrid to exploit.
Sports Mole's man of the match
Cristiano Ronaldo: Another two goals for the Portuguese forward took him onto 199 strikes for the Spanish outfit. It was another sensational display from Ronaldo, who was streets ahead of every other player on the pitch.
Biggest gaffe of the match
The Madrid defence had an absolute horror in the early stages when a loose pass was collected by Oscar, who was allowed to move into the box before finishing from close range. It was a succession of mistakes from the home side's back four, which has been far from watertight this season.
David Fernandez had a fairly straightforward 90 minutes of action this evening. The Spaniard allowed the match to flow in the first period, but he was prepared to halt play when necessary. Overall, neither manager will have had too many complaints about his performance.
Madrid: Jose Mourinho's side will attempt to continue their winning run in the league when they lost Malaga on Wednesday.
Valladolid: Valladolid return to their own patch next weekend where they will welcome an in-form Deportivo La Coruna.