An open start to the match saw both sides on the ball, but it was the hosts that took the lead after eight minutes, Javi Guerra firing the ball in from close range.
Alberto Bueno doubled Valladolid's lead after quarter of an hour, a low cross deceiving the visitors to allow Bueno to turn the ball in.
The visitors dominated the remainder of the opening period but were unable to get back on level terms before the half-time whistle.
Both sides were on the attack early in the second half, and it was Bilbao who struck first, Markel Susaeta bundling the ball in to equalise.
Bilbao had a late chance to take the lead, but Dani Hernandez collected the ball to keep the scores level with three minutes to go.
The draw does not affect either club's position in the La Liga table.