Yesterday's result cut Barcelona's lead at the top to eight points and although they can't now mathematically seal the title with a win over Real Betis on Sunday, they can restore their 11-point lead with just four games remaining.
The visitors had taken a shock lead early on as Oscar Gonzalez slotted past Diego Lopez from a narrow angle.
However, Marc Valiente's own goal and a Ronaldo header put Madrid 2-1 in front before Javi Guerra finished off a flowing Valladolid move to ensure they went into half-time on level terms.
Valladolid were given a late lifeline though when Oscar scored his second of the evening with a sensational long-range volley that found the bottom corner.
But Real held on to ensure a disappointing week given their failure to reach the Champions League final on Tuesday did end with some consolation.
Defender Pepe said it is important to keep going until the end of the season just in case Barca, who were also dumped out of the Champions League in midweek, struggle to get across the line.
"We are representing a very big institution that is Real Madrid and we need to have respect for that. Therefore, we need to face every game like this even if theoretically it doesn't matter.
"We conceded a lot of goals, we didn't start the game well and I think we have to pressure a little more, but in any case we managed to react.
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