The match ended 1-1 after extra-time as Atletico, giving their usual neversay-die performance, conceded an early goal, missed a penalty, clung on by the skin of their teeth and then found the strength to equalise at the San Siro.
But it was all in vain as Juanfran struck their fourth penalty against the post, allowing a previously subdued Ronaldo to stride up and coolly blast home the decisive penalty for a 5-3 shootout win -- his third European Cup success.
Real’s former playmaker Zinedine Zidane was left to celebrate winning Europe’s elite club competition five months after starting his first coaching job and become the seventh man to claim the trophy as both a player and a manager.
But it was another demoralising end for Diego Simeone’s Atletico who were within a minute of winning the 1974 European Cup final and 2014 Champions League finals but conceded equalisers and eventually lost them both.
The latter was also against Real when Sergio Ramos scored in stoppage time to set his side up for a 4-1 extra-time win.
This time, Ramos gave Real a 15th minute lead but, after Antoine Griezmann missed a penalty for Atletico at the start of the second half, the Mattress Makers hit back with a superbly-taken equaliser by substitute Yannick Carrasco.
Real captain Ramos, who converted their fourth penalty, said the title was “just reward” for their hard work. “We knew that it was a unique chance to make history and after an up and down season it is a reward,” he said.
Real were pipped to the La Liga title by one point on the final day of the season by arch rivals Barcelona.
HOW THE PENALTY SHOOTOUT UNFOLDED
TIT-BITS ABOUT THE FINAL
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