Atletico reached the semi-finals 2-1 on aggregate but only after they survived a scare following the Foxes' second-half bombardment at the King Power Stadium.
Atletico Madrid have now reached the last four of the Champions League in three of the past four seasons.
A return to Europe is off the agenda this season, as Leicester lie 12th - 20 points shy of seventh-placed Everton.
In the end, it all proved too much for Leicester City's players as they bowed out at the quarter-final stage of the Champions League on Tuesday night.
Vardy's goal was no more than they deserved and for a time they had Atletico rocking, giving the King Power Stadium belief that another miracle was on the cards. "To do that we have to get back to winning ways in the Premier League".
The Foxes dominated the second half and gave themselves hope when Jamie Vardy finished from close range on the hour mark. "At the end of the season I'll be able to reflect on my own performance and that of the club".
"It's not in my hands". "It is in the club's hands". I'm more than happy to do that before.
The victory put Madrid into the semifinals for the seventh straight time and kept alive its hopes of becoming the first team to defend the Champions League title since the competition's new format was created in 1992. He has gone toe-to-toe with one of the best managers in world football and not been intimidated. As an experience it has been really, really good.
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After left wing-back Chilwell thrashed over, Leicester levelled, Vardy slamming in from inside the six-yard box after Chilwell's shot had been charged down by Stefan Savic.
Atletico Madrid are a side built in the image and likeness of their manager Diego Simeone - talented, uncompromising and streetwise.
"It was nearly a pleasure to compete against them", Simeone said through a translator.
There were no more goals in the 90 minutes but the most significant piece of action was a second yellow card for Bayern midfielder Arturo Vidal, which ultimately cost Carlo Ancelotti's side as two more goals from Ronaldo and one from Marco Asensio meant Real eased home. "They're very disappointed, but I said they can be proud of what they achieved". They pushed us all the way. It was a finalist in both 2014 and 2016 but beaten by Real Madrid on both occasion, while a constant contender for the Spanish title.
We were in the ascendancy. "But we are a team that competes".
When asked about a desire for revenge over Madrid, Gabi refused to be drawn, but he offered a message of support to Barca, who must overturn a 3-0 deficit from a torrid first-leg in Turin having been forced to come from 4-0 behind against Paris Saint-Germain in the previous round.
It needed a mixture of defiance and desperation but in the end it was enough to send them into another Champions League semi-final.
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