The other semi-final will feature Monaco v Juventus – Real and Monaco will play the first leg at home, on May 2-3.
Real Madrid beat Atletico in the final in 2014 and 2016 but playing the second leg away could favour their bitter rivals.
The second semi-final pitches a freescoring Monaco side, who have scored 24 goals since reaching the group phase, against the steely Juventus defence, the Italian side having conceded two goals in the campaign.
“Monaco ! Strong team with many talented players and an impressive run this season. We have to be careful, but the goal is clear,” Juve midfielder Sami Khedira said on Twitter.
Monaco, who were knocked out by two-time champions Juve in the 1997-98 Champions League semi-finals, have never won the competition but reached the final in 2004.
(Writing by Julien Pretot; Editing by Andrew Heavens)