A late Benzema goal appeared to have secured a perfect two wins out of two for Real Madrid but Sergi Guardiola's late, late finish ensured that Valladolid make away with the share of the points in a tight contest at the Santiago Bernabeu, Saturday evening.
Zinedine Zidane gave starting shirts to James Rodriguez, Isco and Gareth Bale with the three players featuring together for the first in a Real Madrid match since May 2017.
Madrid started on the front foot but didn't appear to be forcing issues in the final third. Los Blancos were patient in possession amid tight defending from the visitors.
The first real chance fell to the home side, as Real opened up Valladolid down the right flank and Carvajal sent a low pass into the box for Bale. The Welshman struck it with the outside of his boot towards the left bottom corner, only for the ball to travel just wide of the post.
Another chance soon came around.
James lined up a free-kick from the right edge of the box. The Colombian curled his effort over the wall, but sent it comfortably over the bar.
It was clear that Madrid needed to improve their finishing in the final third but still that quality was absent in Zidane's men.
Kroos released the run of Benzema into the left inside channel and from a tight angle the Frenchman blasted a low effort towards goal. Valladolid goalie Masip however was up to the strike as he did well at his near post to make a fine block with his feet.
It was all square at the break at the Bernabeu. Real Madrid having dominated but surprisingly wasteful in front of goal as Gareth Bale, James Rodriguez and Karim Benzema all missed good opportunities.
The second half went pretty much like the first with Real missing chance after chance.
Zidane threw in Jovic to inspire some movement upfront and the Serbian nearly made an instant impact.
Bale lifted a cross into the box from the left and the striker rose to head at goal with his first touch. Masip was beaten and could only watch as the ball travelled towards the net, only for it to strike the bar and bounce over.
Valladolid could have gotten ahead in the tie late on as the visitors hit the home side on the counter. Ramos did just enough to stop Unal releasing Sergi through the middle, but Waldo collected the loose ball. He drove towards the edge of the box before hammering an effort towards the net. Courtois did well to watch it all the way before beating it to safety.
Los Blancos finally got the opener their performance deserved when Benzema slammed home a delightful shot with just 7 minutes left of play.
The French striker scored a sublime goal to put his team in front. He collected Varane's offload with his back to goal just inside the box. Benzema turned to whip a low strike into the right bottom corner beyond the reach of Masip. A super finish from the Madrid forward to break the deadlock.
Valladolid then in dramatic fashion levelled the scores at the death. Sergi latched on to a precise offload from Plano in the left inside channel. Courtois raced off his line, but the forward beat the Belgian with a low strike into the bottom corner.
It was just what the visitors about deserved from their exertions in the second half.
A draw leaves Los Merengues on four points from two matches.
Real Madrid (4-3-3): Thibaut Courtois; Dani Carvajal, Raphael Varane, Sergio Ramos, Marcelo; Isco, Casemiro, Toni Kroos; Gareth Bale, Karim Benzema, James Rodriguez.
Real Valladolid (4-4-2):o, Kiko Olivas, Mohammed Salisu, Nacho Martinez; Pedro Porro, Fede San Emeterio, Michel, Oscar Plano; Enes Unal, Sergi Guardiola.
