Sergi Guardiola latched on to a through ball late on and coolly converted his finish between the legs of Real’s ex-Chelsea goalkeeper Thibaut Courtois.
Frenchman Karim Benzema thought he had won it for Real on 82 minutes with a brilliant turn and finish.
Substitute Luka Jovic headed against the crossbar for the hosts a minute after going on as a substitute.
Real went into their second league game of the season after beating Celta Vigo 3-1 in their opener with Gareth Bale once again handed a place in the starting line-up.
The Welshman came close to leaving Madrid for China in the transfer window but the move was blocked by Real president Florentino Perez.
The former Tottenham winger struck a shot wide in the first half before narrowly heading off target in the second.
Valladolid may have collected all three points themselves, but Waldo Rubio had his thumping drive pushed away by Courtois.
- 14CasemiroBooked at 90mins
- 16RodríguezSubstituted forVinícius Júniorat 57′minutes
- 8KroosBooked at 73mins
- 22IscoSubstituted forJovicat 68′minutes
- 9BenzemaSubstituted forVázquezat 89′minutes
- 28Vinícius Júnior
- 17Moyano LujanoSubstituted forRubioat 59′minutesBooked at 90mins
- 4Olivas Alba
- 22Martínez García
- 2PorroSubstituted forRegal Anguloat 80′minutes
- 21Herrero Javaloyas
- 16San Emeterio DíazBooked at 33minsSubstituted forMohamedat 84′minutes
- 7Guardiola Navarro
- 18Regal Angulo
- 19Villa Suárez
- 29De la Fuente
- Pablo González Fuertes
- Shots on Target
Waldo Rubio (Real Valladolid) is shown the yellow card.
Foul by Sergi Guardiola (Real Valladolid).
Corner, Real Valladolid. Conceded by Sergio Ramos.
Sergi Guardiola (Real Valladolid) wins a free kick on the left wing.
Corner, Real Valladolid. Conceded by Raphael Varane.
Enes Ünal (Real Valladolid) wins a free kick in the defensive half.
Substitution, Real Valladolid. Anuar Mohamed replaces Fede San Emeterio.
Óscar Plano (Real Valladolid) wins a free kick in the attacking half.
Attempt missed. Sergi Guardiola (Real Valladolid) right footed shot from the right side of the box is too high. Assisted by Nacho with a cross.
Substitution, Real Valladolid. Antoñito replaces Pedro Porro.
Attempt missed. Sergi Guardiola (Real Valladolid) left footed shot from the centre of the box misses to the right. Assisted by Nacho.
Delay over. They are ready to continue.
Attempt saved. Waldo Rubio (Real Valladolid) right footed shot from outside the box is saved in the top centre of the goal. Assisted by Enes Ünal.
Sergi Guardiola (Real Valladolid) wins a free kick in the attacking half.
Pedro Porro (Real Valladolid) wins a free kick in the defensive half.
Foul by Waldo Rubio (Real Valladolid).
Foul by Nacho (Real Valladolid).
Foul by Míchel (Real Valladolid).