In what is set to be an intense week in the Spanish capital, the two La Liga giants will meet first at the Vicente Calderon??on either April 14 or 15 before the second leg at the Bernabeu seven days later.
Real thrashed their rivas 4-1 after extra time at the Estadio de Luz last May, with goals from Sergio Ramos, Gareth Bale, Marcelo and Cristiano Ronaldo.
But they have failed to beat Atletico in all four fixtures since, losing in the Spanish Super Cup, Copa Del Rey and both La Liga fixtures, including a 4-0 thrashing last time out.
French Ligue 1-leaders Paris Saint-Germain, who knocked out Chelsea in the last-16, will face current La Liga leaders Barcelona, who brushed aside Manchester City in the last round.
PSG will be without their talisman Zlatan Ibrahimovic for the first leg after he was shown a straight red card in the victory at Stamford Bridge and received a one-match ban.
Pep Guardiola’s Bayern Munich, thrashed by Real in last year’s semi-finals, face in-form Porto while Serie A champions Juventus take on Monaco, who dumped out Arsenal.
The first legs will take place on April 14 and 15 before the return fixtures on April 21 and 22, and the final will be held in Berlin on June 6.
Full draw:??Paris Saint-Germain v Barcelona, Atletico Madrid v Real Madrid, Porto v Bayern Munich, Juventus v Monaco