The hosts may have been without their talisman and top scorer, as he sat out with a thigh problem, but creating goalscoring opportunities was not an issue as they dominated from the start.
After they had squandered numerous chances, Bale was on hand soon after the half-hour mark to head into an empty net following good work by Angel di Maria and the Wales international was involved again a couple of minutes later as the hosts doubled their lead.
The world's most expensive player got his second just after the hour mark with a close-range finish before completing his hat-trick in the 89th minute with a similar strike to complete a resounding win.
Valladolid's team, meanwhile, included only one change from their loss to Osasuna, as Fausto Rossi replaced German midfielder Patrick Ebert.
The game's first chance arrived after only three minutes when Sergio Ramos - linked with a move away from the club in the build-up - rose highest to meet Xabi Alonso's corner, but the Spain defender's header flew over.
After pressing, Madrid eventually got the breakthrough after 33 minutes when Di Maria's powerful cross-cum-shot was palmed straight to Bale, who headed into an empty net for his fifth La Liga goal.
Benzema thought he had doubled his tally in the 61st minute when he tapped in Bale's squared pass, but the Frenchman's effort was ruled offside.
Ancelotti's men did have a third less than two minutes later, however.
Bale played Marcelo in down the left and when the Brazilian's low cross was partially intercepted, the Welshman was in the right place to sweep home.
