The 2012 Madrid Masters (also known as the Mutua Madrid Open for sponsorship reasons) was played on outdoor blue clay courts at the Park Manzanares in Madrid, Spain from 7 to 13 May.

It was the 11th edition of the event on the ATP and 4th on the WTA.

The clay courts used for the tournament were dyed blue to provide better contrast with the ball, which garnered controversy amongst players who found the dyeing made the surface too slippery and difficult to maneuver, putting defensive players at a disadvantage.

Ion Țiriac, the former Romanian ATP player and billionaire businessman who owns the tournament, instituted the use of the color.

[1] The following players received wildcards into the main draw: The following players received entry from the qualifying draw: The following pairs received wildcards into the doubles main draw: The following pair received entry as alternates: The following players received wildcards into the main draw: The following players received entry from the qualifying draw: The following pairs received wildcards into the doubles main draw: Roger Federer defeated Tomáš Berdych, 3–6, 7–5, 7–5 Serena Williams defeated Victoria Azarenka, 6–1, 6–3 Mariusz Fyrstenberg / Marcin Matkowski defeated Robert Lindstedt / Horia Tecău, 6–3, 6–4 Sara Errani / Roberta Vinci defeated Ekaterina Makarova / Elena Vesnina, 6–1, 3–6, [10–4]