On the domestic front, Madrid delivered the Supercopa de España trophy, beating Barcelona 4–1 in the final to win their 13th title in the competition, and conquered a record-extending 36th La Liga championship with four games to spare.

[1][2] These two trophies also marked Carlo Ancelotti's 11th and 12th in charge of Real Madrid, overtaking Zinedine Zidane's tally to make the Italian the second most successful manager in the club's history.

This season was the first since 2008–09 to not feature Karim Benzema, who departed to Saudi Arabian club Al-Ittihad and the first since 2015–16 without Marco Asensio, who left Los Merengues to join French side Paris Saint-Germain.

[10] On 9 June, Madrid confirmed the return of the former club's academy player, Fran García, triggering the release clause to sign him from Rayo Vallecano on a four-year contract.

[20] On 12 August, Madrid started their 2023–24 campaign with a 2–0 El Viejo Clásico win at the San Mamés, beating Athletic Bilbao in the first matchday of La Liga with a strike from Rodrygo and Bellingham's debut goal.

[24] Six days later, a late Bellingham header helped Madrid to obtain a narrow 1–0 away win against Celta Vigo and continue their perfect league start.

[26] The following day, a close-range goal from Joselu and Bellingham's injury time winner gave Ancelotti's side a 2–1 comeback win over Getafe in their first league game of the season at the Santiago Bernabéu.

[32] On 3 October, finishes from Vinícius and Bellingham, as well as an own goal, got Madrid a 3–2 turnaround win over Napoli at the Stadio Diego Armando Maradona in their second Champions League match of the season.

[36] On 28 October, Bellingham scored two goals to give Madrid a late 2–1 comeback victory over Barcelona at the Olímpic Lluís Companys in the first El Clásico of the season.

[41] The next day, Champions League goals from Brahim, Vinícius and Rodrygo qualified Madrid to the knockout phase, as Ancelotti's side defeated Braga 3–0 at the Santiago Bernabéu.

[45] Three days later, Madrid secured the first spot in their Champions League group with a 4–2 win against Napoli, as first-half strikes from Rodrygo and Bellingham were followed up by the debut goal from Castilla's Nico Paz and Joselu's close-range shot.

[48] On 12 December, a brace from Joselu and Ceballos' goal helped Madrid to get a 3–2 win over Union Berlin and a perfect result in the Champions League group stage for the third time in the club's history.

[55] Four days later, the Brazilian duo of Vinícius and Rodrygo scored all goals in Madrid's 4–1 victory over El Clásico rivals Barcelona, with the former getting his second career hat-trick to help Real conquer their 13th Spanish Super Cup title.

[66] Five days later, Vinícius scored his team's goal in the 1–1 home draw of the Champions League second leg against RB Leipzig, prevailing Madrid to the quarter-finals.

[70] On 9 April, Madrid opened the month with the first leg of the Champions League quarter-finals tie against Manchester City at home, as an own goal and strikes from Rodrygo and Valverde helped Real to end the match in a thrilling 3–3 draw.

[75] Four days later, a double from Vinícius earned Madrid a 2–2 away draw against Bayern Munich in the first game of the Champions League semi-finals, which was the first European Clásico for Real since the 2017–18 encounter.

[79] On 14 May, an early opener from Bellingham with Vinícius' brace and goals from Valverde and Güler gave Ancelotti's side a crushing 5–0 win over Alavés, as Madrid kept a club record 20th clean sheet in this La Liga campaign.

[80] Five days later, Madrid gave up a three-goal lead away to Villarreal at the Estadio de la Cerámica, the match ending in a 4–4 draw, with goals from Vázquez, Joselu, and a double from Güler.

A header from Carvajal and a strike from Vinícius late in the second half prevailed Los Blancos to a 2–0 win, as they clinched a record-extending 15th European Cup, their sixth in eleven years, Ancelotti's third in charge and fifth overall, the most among the managers, with Carvajal, Kroos, Modrić and Nacho equalling Paco Gento’s record of six European Cup titles and surpassing the former trio consisting of Karim Benzema, Gareth Bale, and Cristiano Ronaldo.

On 13 May 2023, Real Madrid announced they would travel to the United States to participate in the pre-season Soccer Champions Tour for the second time since last year's summer activity.