For all of the criticism that came the team's way last term, Los Blancos only suffered four league defeats, and they finished five points clear of Barcelona in third but ultimately caught Atletico in the wrong season.
It has been a summer of change, with Sergio Ramos and Raphael Varane among those to depart, while Carlo Ancelotti has returned to the dugout as a replacement for Zinedine Zidane.
Real Madrid's financial issues mean that it has been a quiet summer in terms of incomings, but the club have managed to bring in David Alaba on a free transfer from Bayern Munich.
Here, Sports Mole provides an in-depth preview of the team's 2021-22 campaign and discusses what the club's supporters could expect in the coming season.
FIXTURES
Real Madrid will open their 2021-22 La Liga campaign with a trip to Alaves on August 14 before finishing the month with away matches against Levante and Real Betis.
Los Blancos had requested to play their first three matches of the season away from home, as they will return to the newly-refurbished Bernabeu on September 11 to take on Celta Vigo.
Real Madrid will travel to Camp Nou towards the end of October to face Barcelona, while they will take on the champions Atletico Madrid in the middle of December.
Barcelona will visit the Bernabeu in La Liga in the middle of March, while Ancelotti's side will travel to Wanda Metropolitano to take on Atletico at the start of May.
Real Madrid's final three league matches of the season are against Levante, Cadiz and Real Betis, and it will be fascinating to see whether the Whites can seriously challenge for the title this term following a summer of change.
SUMMER SIGNINGS
In
David Alaba (free, Bayern Munich)
Out
Sergio Ramos (free, Paris Saint-Germain)
Raphael Varane (£42m, Manchester United)
Brahim Diaz (loan, AC Milan)
Real Madrid total spent to date: £0
Real Madrid total received to date: £42m
Real Madrid net transfer balance: £42m
SQUAD
Goalkeepers: Thibaut Courtois, Andriy Lunin
Defenders: Dani Carvajal, Eder Militao, David Alaba, Nacho, Marcelo, Ferland Mendy, Alvaro Odriozola, Jesus Vallejo
Midfielders: Toni Kroos, Luka Modric, Casemiro, Federico Valverde, Lucas Vazquez, Isco, Dani Ceballos, Martin Odegaard
Forwards: Eden Hazard, Karim Benzema, Marco Asensio, Vinicius Junior, Mariano Diaz, Rodrygo, Gareth Bale, Luka Jovic, Takefusa Kubo
STRONGEST XI
STAR PLAYER - KARIM BENZEMA
Benzema will be 34 before the end of the year, but the Frenchman remains a vital player for Real Madrid, particularly during a transitional period for the club. The striker has scored 279 goals in 559 appearances for Los Blancos in all competitions, including 30 goals in 46 outings last term.
The France international found the back of the net on 23 occasions during the 2020-21 La Liga campaign and also netted six times in 10 Champions League appearances for the capital giants.
So often, he was the player that the team looked to for inspiration and that is unlikely to change in the new season, with Real Madrid needing another strong season from their number one centre-forward if they are to challenge for the biggest trophies in 2021-22.
MANAGER - CARLO ANCELOTTI
Ancelotti is back at Real Madrid for a second spell at the helm, having taken the place of Zidane; the Italian was previously in charge between 2013 and 2015, winning the Copa del Rey, Champions League, UEFA Super Cup and Club World Cup during a successful period.
The 62-year-old only took the Everton job in December 2019 but could not turn down the opportunity to return to the Bernabeu, and he is a vastly experienced manager, having also been in charge of the likes of Juventus, AC Milan, Chelsea, Paris Saint-Germain and Bayern Munich.
Ancelotti's challenge will be greater than when he was appointed Los Blancos boss back in 2013, and it has been a summer of change with some key individuals moving on, but the former AC Milan midfielder will certainly believe that he has the tools to oversee another successful period at the helm.
LAST SEASON - SECOND
Real Madrid were knocked out in the last-32 stage of the 2020-21 Copa del Rey, but they reached the semi-finals of the Champions League, losing to eventual winners Chelsea over two legs.
In La Liga, Los Blancos just missed out on the title, finishing second, two points behind champions Atletico, who collected 86 points from their 38 matches during a strong campaign.
Barcelona were down in third, five points behind Real Madrid, who won 25, drew nine and lost four of their 38 matches, scoring 67 times and conceding 28 in the process.
Real Madrid lost three of their first 10 league matches of the season, which ultimately cost them, as their form in the second half of the campaign, particularly between February and May, was incredibly strong.
Indeed, Los Blancos were unbeaten in the league after their 2-1 defeat to Levante at the end of January, and they finished with four wins from their final five matches, but it was not enough to rise above Atletico.
It is difficult to be too critical of Real Madrid's league season taking everything into consideration, but a number of their experienced players underperformed, while too many individuals in the final third of the field were unable to find their groove.
PREDICTION
News of Lionel Messi's Barcelona departure has made the Catalan giants considerably weaker, but Real Madrid will also have to finish above a strong Atletico in order to reclaim the title.
It would not be a surprise to see Ancelotti lift the trophy in his first season back as head coach, but at this moment in time, it is difficult to see a serious challenge for Barcelona considering their issues.
We are finding it tough to look past Atletico when it comes to the 2021-22 La Liga title, though, and have ultimately backed Diego Simeone's side to finish at the summit, leaving Real Madrid in second, but it could again come down to the final weekend of the campaign.
VERDICT: Second