Los Blancos secured a 3-0 away La Liga win at Leganes on Sunday, with the England midfielder netting the final goal after Kylian Mbappe and Federico Valverde's earlier efforts.
Brahim Diaz's effort smacked the crossbar before Bellingham pounced on the return and nodded his second league goal of the campaign with five minutes to go.
Bellingham immediately ran over to his manager Ancelotti to celebrate.
The former Birmingham star embraced his boss, hugging him as the rest of the Los Blancos coaching staff clapped.
It's no secret that the 21-year-old has had a tough season compared to his electric debut campaign last term.
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He took until just before this month's international break to score for his club.
The ex-Dortmund midfielder scored and grabbed an assist against CA Osasuna in his side's 4-0 victory near the start of the month.
Bellingham's only other goal Real Madrid contributions came in the form of two assists in the 3-2 win over Alaves in September and then the 5-2 victory over his former club Borussia Dortmund in October.
The Spanish media had excused Bellingham for his downturn in form, blaming Ancelotti for not playing him in his usual position following the arrival of forward Mbappe.
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But if Bellingham's celebration is anything to go off, the pair remain united.
Valverde also ran and hugged his boss after his goal, with Vinicius Jr doing the same in their last match.
The England star had a stunning first season with Real Madrid, netting 23 goals and registering 13 assists in all competitions.
He also won the Champions League and La Liga with his side, as well as the Super Cup.
This season hasn't quite got off to the same start, with rivals Barcelona currently leading the way in the Spanish top flight.
Los Blancos sit four points behind with a game in hand.
Bellingham has had a more positive time with England since the Three Lions' Euro 2024 final loss, though.
After coming back from injury, he scored his country's only goal in the 2-1 loss to Greece in the Nations League in the October international break.
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He has helped the Three Lions to three Nations League wins since.
Bellingham bagged a hat trick of assists in the 5-0 demolition of Ireland earlier this month as England earned promotion back to the top flight of the competition.