Bale opened the scoring for the home side after 13 minutes with a curling effort, before the Welshman added his second after 27 minutes.
Madrid had their fourth in the early stages of the second period when Benzema turned in Bale's cross from close range, before Ronaldo added his second on the hour mark.
Sevilla were not finished, however, as Rakitic added his second to cut the score to 5-3 with 63 minutes on the clock.
Ronaldo was not finished either, as the Portuguese scored his third with 20 minutes remaining as he added the ninth of the game, before Rakitic passed up the chance to score his third from the spot.
It got worse for the away side with 15 minutes remaining as Stephane Mbia was given a red card for a foul on Luka Modric. Madrid added their seventh of an incredible game late on when Benzema completed his brace.
Here, Sports Mole dissects the 90 minutes of action between the two Spanish rivals.
On target: 9
On target: 6
Was the result fair?
Did Madrid deserve to win? Yes. Did the scoreline flatter them against an adventurous Sevilla team? Quite probably. It is difficult to dissect a match which was as open as the one this evening. The home side looked comfortable at 3-0 and indeed 5-2, but Sevilla threatened to launch a comeback on both occasions. The fact that both goalkeepers made a number of fine saves and we still had 10 goals tells you everything that you need to know about the fixture. It was the type of game that comes around once every 10 years.
Real Madrid's performance
We saw the best and the worst of the capital outfit this evening. They were just sensational in attack with Ronaldo, Bale and Benzema all enjoying fine matches, but their problems in defence remain. While Sergio Ramos is brilliant on the ball, his defensive positioning is suspect, which could also be said of Marcelo. Sami Khedira also had a strange evening in the middle of the park, but it was hard not to be impressed by their attacking ability. The major positive - and there were many - would have been the performance of Bale.
Sevilla could have been forgiven for thinking that three goals in the Bernabeu would hand them something from the match. They could also have been forgiven for retreating into their shell and accepting a 3-0/4-0 score in the second period. However, that is not their style this season. They have problems defensively, but Unai Emery has put together a very clever team in the final third. Three goals did not flatter them, with Diego Lopez making a number of fine saves. They struggled in the early part of the season, but they have more than enough to challenge at the top end of the table in the coming months.
Sports Mole's man of the match
Gareth Bale: Sometimes there are not many contenders for man of the match, and sometimes there are a number. This match fell into the latter category with Bale, Ronaldo, Rakitic and Benzema all deserving of the award. However, Bale collects the accolade this evening after scoring twice and registering two assists on his first league start at the Bernabeu. The Welshman has quite a career ahead of him in the Spanish capital.
While we should appreciate the attacking football on display this evening, the match would have given a number of former defenders nightmares. Madrid might have won and indeed scored seven goals, but they were terrible in defence for long periods. Sevilla were not much better, however, as both teams struggled to keep their shape throughout the 90 minutes.
It was quite an evening for Jose Teixeira. In truth, both first-half penalties were soft, but once he had given the first, he had to award Sevilla one in similar circumstances. The Spaniard might have also given more protection to Ronaldo in the first period, with a number of Sevilla players fouling the attacker outside the box. It did not get any more comfortable for the official, as he awarded another soft penalty in the second period, but he was correct to send off Mbia for a foul on Modric. I suspect that Teixeira will need a long rest after taking charge of this incredible fixture.
Real Madrid: Carlo Ancelotti's side will attempt to continue their winning run when they make the short trip to face Rayo Vallecano on Saturday.
Sevilla: Sevilla return to the Estadio Ramon this weekend with a home clash against struggling Celta Vigo.