Valencia were looking for a second win in three league games under new coach Juan Antonio Pizzi, but could have fallen behind early in the game as Malaga twice went close in the early stages through Samu and Ignacio Camacho.
The visitors slowly grew into the game, though, and would have gone ahead just before the half-hour mark if not for a fine double save by Malaga goalkeeper Willy Caballero.
Caballero displayed fine reflexes to keep out a free-kick from midfielder Daniel Parejo before preventing Jonas from scoring with his effort on the rebound.
Parejo was denied eight minutes into the second half by another fine save from Caballero, who looked to have finally been beaten when Malaga defender Sergio Sanchez put through his own net on 70 minutes following a scramble in the area.
However, that goal was quickly ruled out for offside and Malaga almost claimed the spoils six minutes later, Diego Alves producing an excellent save to turn Pablo Perez's near-post header wide.
That proved to be the final clear chance of the game as both sides settled for a point that leaves Malaga, who have failed to score in each of their last three league games, five points above the relegation zone.
Meanwhile, Valencia are eighth points adrift of sixth-placed Real Sociedad and a place in the UEFA Europa League.
