Patrick Ebert gave the visitors a surprise lead in the second half with a gloriously struck free-kick but Youssef El-Arabi levelled with 18 minutes remaining.
The hosts were the better side throughout the 90 minutes and pushed for a late winner but were unable to beat the outstanding Valladolid goalkeeper Jaime Jimenez.
Granada went into the match off the back of consecutive drubbings at the hands of Real Betis and Atletico Madrid and Mallorca's draw with Rayo Vallecano on Friday meant they went into today's encounter level on points with Gregorio Manzano's 18th placed side.
Lucas Alcaraz's outfit began the match with intent.
Nolito came close to scoring straight from a corner in the second minute, and then El- Arabi missed two chances, both headers, in less than a minute.
Jaime, making his first start in the Valladolid goal for over six months, later pushed a shot from Odion Ighalo wide and then managed to block an effort from Mikel Rico with his shoulder.
El-Arabi came close to scoring shortly before half-time but pulled his shot from the edge of the area just wide of the right hand post.
Valladolid had offered very little in the opening 45 minutes and would have been relieved to go into the break with the scores level.
Granada kept up their superiority in the second period but it was the visitors who took the lead when Ebert thumped in a free-kick from 30 yards, giving Granada stopper Roberto no chance.
Alcaraz's side responded by upping their siege on the away side's goal but Jaime continued to frustrate them, inparticular El-Arabi.
Ighalo did manage to find the net on 69 minutes, but his effort was ruled out for offside. However, just three minutes later, Valladolid finally caved in.
Substitute Diego Buonanotte delivered a perfect ball to El-Arabi, who was standing unmarked on the penalty box. The Moroccan international barely had to jump and aimed his header into the bottom corner and beyond Jaime, finally getting the better of his nemesis for the afternoon.
The hosts did not sit back after equalising and desperately searched for the winner that their precarious situation demanded.
Centre-back Diego Mainz headed just wide of the far post after a free-kick from Nolito and then El-Arabi also narrowly missed the target with his head.
In the final minute of normal time, Jaime again came to his side's rescue to palm away a header from Carlos Aranda.