The Portuguese, who had scored in his last five matches against Levante, looked in ominous mood throughout the half and again came close after arrowing a shot wide of the net.
Victor Casadesus, operating as a lone striker for the hosts, struggled to get on the ball as Madrid played possession football in the opening exchanges.
Ronaldo stepped up and thumped the spot kick into the back of the net to put his side in the lead.
Hernandez made it two for Madrid, however, after James Rodriguez delivered an inviting cross onto the head of the Mexican, who could not miss from close range.
After the break, Ronaldo advanced into the Levante box before striking on goal, but Diego Marino was there to make an impressive save to keep his side in the game.
Unfortunately for Levante's fans their resistance didn't last long, as Ronaldo continued his lethal form this season by slotting in his 15th of the campaign before James struck to make it four for the visitors.
Isco then arrowed into the top corner to cap an emphatic victory for Madrid as they came away with all three points.