Los Blancos won a La Liga and Champions League double last season, while they have already claimed silverware this term, beating Eintracht Frankfurt last month to lift the UEFA Super Cup.
Ancelotti's side also won their Champions League opener against Celtic last week, while they entered Sunday's La Liga clash with Mallorca off the back of league successes over Almeria, Celta Vigo, Espanyol and Real Betis.
Barcelona had moved to the top of La Liga with a 4-0 win at Cadiz on Saturday, but Real Madrid are now back at the summit due to their strong victory over Mallorca.
The visitors took the lead in the 35th minute of the contest when the in-form Vedat Muriqi sent a header past Thibaut Courtois after meeting a cross from Lee Kang-in.
Real Madrid managed to level the scores just before the half-time break, though, with Federico Valverde embarking on a brilliant run before firing into the top corner with a fine strike.
Lucas Vazquez came close with a curler early in the second period, before Antonio Sanchez somehow missed the target for Mallorca during an open match at Bernabeu.
Real Madrid were not to be denied, though, and moved ahead in the 72nd minute when Vinicius Junior collected a pass from Rodrygo before picking out the back of the net.
Rodrygo then got his name on the scoresheet in the 89th minute, dancing past a number of defenders before finding the back of the net to secure all three points for the champions.
Ancelotti's side were not finished, though, and made it four in the 93rd minute courtesy of a first Real Madrid goal for Antonio Rudiger, who volleyed home at the far post.
Eden Hazard started as the centre-forward in the absence of Karim Benzema, while Rudiger featured alongside David Alaba at the back due to Eder Militao's unavailability through injury.
Real Madrid are back on top in terms of the league table, and they will now switch their focus to the Champions League, with RB Leipzig travelling to Bernabeu next week.
Ancelotti's team will then take on Atletico Madrid at Wanda Metropolitano next weekend in their final fixture before the September international break kicks into action.