In this Saudi sequel, it was Atletico who made a dream start inside seven minutes when Mario Hermoso rose highest in the box to direct Antoine Griezmann’s delivery into the bottom corner.
Undeterred by that early setback, Carlo Ancelotti’s men looked to settle into the contest, and after Alvaro Morata missed a golden chance to double the Colchoneros’ lead, Real found a leveller in the 20th minute.
The goal arrived in a similar fashion to Atleti’s opener, as Antonio Rudiger met Luka Modric’s inviting corner, powering a superb header beyond Jan Oblak.
Armed with the momentum, Los Blancos went in pursuit of a quickfire second, and their positive approach was duly rewarded on the half-hour mark when Dani Carvajal’s threaded pass into the box was brilliantly flicked into the far corner by Ferland Mendy.
The match continued to be played at a frantic pace with half-time approaching, and despite Real looking the more dangerous of the two sides in the final third, it was Diego Simeone’s men who made sure they went into the break on level terms as Griezmann cut inside Modric on the edge of the box before firing a clinical strike past Kepa Arrizabalaga.
That goal moved the Frenchman to the top of Atletico’s all-time scoring charts, and the Colchoneros came close to taking the lead in the early stages of the second half, only for Samuel Lino’s left-footed effort to drift narrowly wide of the target.
Grateful for the reprieve, Real looked to up the ante with time ticking into the final 25 minutes, but Oblak stood firm in the Atleti goal to thwart Carvajal from inside the box.
With nothing to separate the two sides, both pushed for a late winner, and Simeone’s side thought they’d found one when Kepa inexplicably punched Rodrigo Riqueleme’s cross against the back of Rudiger’s head and into the net.
However, Real swiftly equalised with five minutes of the 90’ remaining, as Carvajal blasted home following some last-ditch defending from Atletico, sending the dramatic contest into extra time.
Ancelotti’s men held the edge in the early stages of a cagey additional 30 minutes, but clear-cut chances ultimately came at a premium.
However, with just four minutes remaining, there was time for one final twist, as Joselu’s close-range header deflected off the unfortunate Stefan Savic to give Real a late lead.
Atleti pushed everyone forward including Oblak in pursuit of a last-gasp response, but Los Blancos sealed the win as Brahim Diaz tucked into an empty net from long range, setting up a clash with either Barcelona or Osasuna in Sunday’s final.
As for Atlético, Simeone’s men will be desperate to dish out some immediate revenge when the two sides meet in the Copa del Rey next week.
Flashscore Man of the Match: Dani Carvajal (Real Madrid)