This will be the fourth successive season the rivals have met in the competition and Atleti have yet to get the better of Los Blancos across that run.
Real won both the 2014 and 2016 finals against their foes from across Madrid, with Diego Simeone's men now having the opportunity to exact revenge when the sides meet in the last four.
Monaco and Juventus go head-to-head in the other semi-final clash as the June 3 finale at Cardiff's Principality Stadium looms large.
The semi-final first legs will be played on May 2 and 3, with Real Madrid and Monaco starting at home in their respective ties.
The return fixtures will be played the following week, when Atletico will be hoping to end their Champions League heartache by finally overcoming their rivals.
Atleti have finished runners-up in the competition on three occasions, whereas Real's victory last year was their 11th in the competition.
Gareth Bale would love nothing more than to win the competition in his hometown of Cardiff, while Juve goalkeeper Gianluigi Buffon will hope to add the trophy that has so far eluded him during his glittering career.
The 39-year-old's side will be home for the second leg against Monaco, whose young, exciting team knocked out Borussia Dortmund in the quarter-finals.
Champions League semi-final draw
Real Madrid v Atletico Madrid
Monaco v Juventus
Champions League betting
A Real v Juventus final is fancied by our betting partners Sky Bet following the semi-final draw but it’s still odds-against.
That outcome can be backed at 6/5 ahead of next month’s last-four ties.
Real just shade favouritism for the trophy at 13/8 with Juve tucked in behind at 7/4. Atletico are 7/2 shots with Monaco the 7/1 outsiders.
In terms of reaching the final, Juve are heavily fancied – they are 4/11 to see off Monaco (15/8).
The Madrid derby is rated closer to call but Real are still clear favourites at 8/15 with Atletico offered at 11/8.
The draw was good news for followers of our outright tips – Andy Schooler tipped Juventus at 12/1 and Atletico at 14/1 back in September. The pair could now meet in the final – just as our 2015/16 picks Real and Atletico did last season.
