As expected, Atletico dominated early proceedings as Pablo Barrios forced Andre Ferreira into a smart save before putting the rebound just wide.
However, the hosts were in shock when Valladolid were given a penalty after Clement Lenglet handled a corner in the box. Mamadou Sylla sent Jan Oblak the wrong way to score - eight of his last nine club goals have now arrived before the hour mark.
Remarkably, Atletico were then handed a penalty themselves just four minutes later as Javi Sanchez trod on Giuliano Simeone’s foot in the area. Julian Alvarez stepped up and also struck down the middle to equalise, with the diving Ferreira getting his feet onto it but failing to keep it out.
Simeone then put his team in front just two minutes after, as he cut inside before lashing left-footed into the net as Atlético turned the game around quickly and led before the break.
After conceding the penalty in the first half, Sanchez redeemed himself early in the second as his deflected free-kick found the net to draw Valladolid back level.
Atletico responded with some quick-fire changes, and one of them Alexander Sorloth missed a great chance to put the hosts back in front, glancing his header wide.
Then, incredibly, a third penalty of the match was given to Diego Simeone’s side, as Henrique fouled Marcos Llorente. Alvarez stepped up again, this time placing into the bottom corner and again sending Ferreira the wrong way.
Another substitute Thomas Lemar also made a rare appearance, and could have made sure of the win for Atletico, only to be denied from close range by Ferreira.
Moments later though, Sørloth tucked in a rebound after Rodrigo Riquelme’s initial effort was saved. The win means the hosts close the gap to seven and three points to Barcelona and Real Madrid respectively in the title race, while Valladolid lost an 11th successive away league game, which keeps them rooted to the bottom of the table.
Flashscore Man of the Match: Julián Alvarez (Atletico Madrid)